REFORM RESEARCH TRUST (a company limited by guarantee) FINANCIAL STATEMENTS 31 DECEMBER 2023 coiYrENTS Page Charity Reference and Administrative Details Trustees, Annual Report Independent Auditor's report Statement of financial activity io Balance sheet Sialemenl of cash flows 12 Notes to the financial statements Company registration number: Registered charity number: 05064109 1103739
REFORM RESEARCH TRUST CHARITY REFERE,YCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity name: Refomi Research Trust ChArity Dumber.. 1103739 Company number: 05064109 Trustees: J E Palmer (Chair) G S Boyle C E Davies J W Sillem Dr L D Stoimenova Secretary: C E Picldes Principal address and registered office.. 5-6 St Matthew Street, London, SWIP 2JT Auditors: Wheawill & Sudworth Limited, Chartered Accountants, 35 Westgate, Huddersfield, HDI IPA Prineipal bankers.. Lloyds Bank l Legg Street Chelmsford CMI IJS Solicitors: Wilsons, Alexandra House, Si. Johns Street, Salisbury, Wiltshire, SPI 2SB
REFORM RESEARCH TRUST TRUSTEES, AhTrlUAL REPORT FOR THE YEAR ELNDED 31 DECEMBER 2023 The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report and the audited financial statements of the ¢harily for the year ended 31 Decetnber 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the Charity. The financial statements have been prepared in a¢cord&nce with the accounting policie5 Set out in the notes to the accounts and comply with the ¢harity's governing document, the Charilics Act 2011 and"Accounting and Reporting by Charities.. Statement ofRe¢ommended Pra¢lic¢ applicable lo charities preparing their accounts in accordance ivith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019. The Directors of the charitable company (the ¢harily) are ils Trustees for the purposes of charity law and throughout this report are ¢olle¢lively referred lo as the Trustees. The Charity is entitled lo the exemption froTn preparing a strategic report. OBJECTIVES AND ACTIVITIES The principal activity of the company in the year under review was that of a registered charity to support the objects of the charity. Summary of the object5 of the cbarity The Reform Research Trust has the following object= "To advance the education of the publi¢ and in particular lo promote for the public benefit research into matters of public policy and to disseminate the useful results thereof. 'Public policy. means the economic and social implications of government policy and the operation of markets, in particular in relation to the perfonnance and management of the economy, the provision ol public services and the structure and size of national and local government, both in the United Kingdom 2nd abr02d." Public benefit and eligibility criteria The TrL]Stees confirm that they h<ive referred to the guidance contained in the Charity Commission's general guidance on public benefii when reviewing the organisalion's aims and obje¢lives and in planning future activities. The Trust's research is entirely directed al public benefit and associaied activities support that. ACHIEVEMENTS AND PERFORMANCE Main activities and achievements for the ear Over the course of 2023, Reform continued to shape the debate on the fijture role and shape of the State, publishing 17 policy do¢uments and convening politicians, public sector leaders, academics and experts on average once a week. In the first half of 2024, Reform launched 2 third work stream, 'Reimagining the Local Stalc,, to add to the existing 'Rcimagining Health, and 'Reimagining Whitehall, work streams, and we have already published 10 policy papers in the first five months of the year.
REFORM RESEARCH TRUST TRUSTEES, AYIIUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (Continued) As part of the 'Reimagining Health. work stream, Reform published papers.. analysing the actual drivers of the A&E crisis,. exposing the 'hidden' wait lists in the NHS. providing in-depth review of lessons from international health systems; identifying ways to improve the UK'S approach to health security- and providing tangible ideas for further strengthening our response to the deadly threat of antimicrobial resistance. Our lat¢st paper, 'Close enough lo care,, puts fonvard a new structure for the English health and care system. The received considerable media coverage as well as interest from across the se¢tor and political spectrum, and has reframed the debate about the fijture of the NHS model. In our 'Reimagining Whitehall, work stream, we published papers.. analysing the barriers that stand in the way of refom]' providing a blueprini for inculeating an efficiency Mindset among civil servants; detailing the experience and frustrations of junior and tllid-level civil servants in Whitehall; setting out a framework for enabling devolution by default,. exploring how to embed scientific expertise and approa¢hes into government; and providing a 'how-to- guide, for executing mission-led government. Most recently, we published a major paper on talent and perfonnance management in Whitehall, endorsed by the Minister for Cabinet Office who announced several of the paper's recommendations as government policy. The Reform team has been active in the media, making the case for meaningful refonn and promoting our ideas for how lo achieve it. Our work has been covered by, T17e Times, Financial Times, Telegriiph, GiiardEUlI, IndepLFtd¢nt, Mail, BBC News, City A.M, HSJ, Politico, the Economi.Yl and Th¢ House, and Reform staff have appeared on Times Radio, LBC, BBC Poliii¢s Live, BBC Any Questions, BBC News, and the BBC'S World Tonight. Through our leading events programme, Refarm has hosted ministers and shadow ministers, permanent secretaries and other senior civil servants, and public service leaders, as speakers. We have brought together IOO'S of refomi- Tninded public, private and third sector experts and practitioners to explore answers lo Britain's most challenging public policy issues. We have done so with a laser focus on improving outcomes and delivcring value for money over the long-term. We remain strictly independent, and throughout all our work we engage aeross the political spectrum. This non- partisan approach is integral lo who we are, and ensures we can always follow the evidence to put foNiard credible but bold ideas for change. We will continue to build relationships across party lines during the next Parliament. Fundraisin and financial mana ement Reform s thndraising activities more than covered our expenditure for 2023. The Trust does not engage in mass dir¢¢t mailouls or use third party fundraisers, and as such does not pay the Fundraising Regulator's voluntary levy. The Trust maintains ils ndS in a bank account with a major bank. This ensures sufficient liquidity lo fund the Trust's charitable activities and operations. Reform seeks to operate a low-risk approach. its bank account5 being operated under the direction of the Director. The currcnt year financial statements were subject to a statutory audit , periodically requested by Trustees.
REFOILM RESEARCH TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ETr4DED 31 DECEMBER 2023 (continued) FINANCIAL REVIEW The results for the year and financial position of the company are shown in the financial slalemenls. STRUCTURE, GOVERNANICE ATr4D MANAGEMEf+4T The Refomi Research Trust is constituted as a company limited by guarantee with Company Number 5064109. It is also registered with the Charity Commissioners with Charity Number 1103739. The Trust was cstablished under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Article of Association. The Trustee5 who held office throughout the year werc Jatnes Palmer, Gavin Boyle, Catherine Davie5, Jeremy Sillem and Dr Lara Stoimenova. Trustees take strategie decisions. The day-to-day running of the Trust is in the hands of Refomj's Director, Charlotte Pickles, who is also the Cotnpany Secretary. The major risks, to which the charity is exposed, as identified by the Trustees, have been reviewed and systeLI)s or procedures have been established to manage those risks. Directors J E Palmer (Chair) G S Boyle C E Davies J W Sillem Dr L D Stoimenova Independent Examinations The directors decided to dispense with the requirement for a statutory audit of the financial statements for the years ended.31 December 2020 10 31 December 2022 during whiih the financial slalemenis were subject to an independent examination. The current year has seen the financial statements being subject lo a slalulory audit.
REFORM RESEARCH TRUST TRUSTEES, ANTr4UAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) Trustees, Re5ponsibilitie5 Statement The Trustees, {who are also the directors of Refonn Research Trust for the purposes of company law), are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applieable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted A¢counting Praetice}. The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charsty and of the incoming resources and application of resources of the charity for that period. In preparing these financial slalemenls, the trustees are required to.. sele¢t suitable accouniing policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and estimates that are reasonable and prudent. state whether applicable aceounling standards have been followed, subject to any material departures dis¢losed and explained in the financial slatemenls,. prepare the financial slalemenls on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the charity and cnable them to ensure that the financial sialements Comply with ihe Charities Act 2011 and the c.harity {Accounts and Reports) Regulations 2008 Comp<inies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevei)lion and detection of fraud and othcr irregularities. Thc Trustees are responsiblc for the periodic maintenance and inteTrrity of the proprietary charity and financial information included on the charity's webslte. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdi¢tions. ON BEHALF OF THE BOARD Approved by the board on 24 July 2024 sig on ils behalf by J E Palmcr Chair
REFORM RESEARCH TRUST INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Auditor's Report to the trustees of Reform Resear¢h Trust We have audited the financial statements of Reforn) Research Trust (the 'charilable company,) for the year ended 31 December 2023 which comprise the Statement of Financial A¢tivilies, the Balancc Sheet, the Cash Flow Statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finartcidl Repurling Siundcird applict7ble in ihe UK and RepiiblEc oflreland {United Kingdom Generally Accepted A¢¢ouniing Practice). The report is made solely lo the charity's trustees. as a body, in accordance with Part 4 of the Charities (Accounts and ReporES) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's tLUStees those matters we are required to state to them in an auditor's repon and lor no other pUoSe. To the fullest extent pem]itted by law, we do not aceepl or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fomed. In our opinion the financial slalemenls: give a true and fair view of the state of the charity's affairs as at 31 December 2023, and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Stand1£ rds on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those statements are further described in the Auditor's responsibililies for ihe audit ot the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Eihi¢al Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We bclicve that thc audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelusions relating to going concern In auditing the financial slalements, we have Coneluded that the trustces. use of the going concern basis of accounting in the preparation of the financial slaten]ents is appropriate. Bascd on the work we have pcrfotined, we have not identified any material uncertainties relating to ev¢nts or conditions that, individually or collectively, may cast significant doubts on the charity's ability lo Continue as a going concern for a period of at least twelve months from when the financial statements are auihorised for issue. Our responsibilities and the responsibilities of the trustees with respe¢t lo going concern are described in the relevant sections of this report.
REFORM RESEARCH TRUST INDEPETr4DENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Other Information The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomation. Our opinion on the financial statements does not cover the other infomiation and we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemcnts, we are required to determine whether this gives rise to a material misstatement in the financial statements themselvcs. If, based on the work we have performed, we conclude that there is a material misslatcment of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exeeption We have nothing to report of the following matters in relalion to which the Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion.. the infomiation given in the trustees. report is inconsistent in any material respe¢t with the financial statements. or sufficient a¢counting re¢ords have not been kept. or the financial statcmenls are not in agreement with the accounting records,. or we have not received all the infonnation we require for our audit. Responsibilities oftrustees As explained more fully in the Trustees, Responsibilities StalemLnt sel out on page 5, the trustees are responsible for the preparation of the financial statements and for being 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, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the ¢harily or cease operations, or have no realistic alternative but to do so.
REFORM RESEARCH TRUST INDEPENL DENT AUDITOR'S REPORT FOR THE YEAR EIYDED 31 DECEIVIBER 2023 Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under seetion 144 of the Charitics Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemcnt, whether due to fraud or error, and to Issue an auditor's report that includes oiir opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respeci of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We gained an understanding of the legal and regulatory framework of the Charity (ind considered the risks of acts by ManaDement and the Trustees which were contrary to applicable laws and re(Jul<ltions, including fraud. We made enquiries of the Tn]stees to obtain further understanding of the risks of non-compliance. We fo¢used on laws and regulations that could give rise to a material misstatement in the finan¢ial slatemenls. Our tests included, but were not limited to-. agreement of the financial statcment disc105ures to underlying sUPPOrting documentations enquiries of the trustees regarding known or suspected instances of non-¢omplian¢e with laws and regulations- review of minutes of the Trustees, Board meetings throughout the year,. and obtaining an understanding of the control environment in place to prevent and detect irregularities. Our audit procedures were designed to respond to risks of material misstatement in ihe financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of nol dele¢ting one resulting from error. Because of the inherent limitations of an audit, there is a risk that we will not dete¢l all irregularities, including those leading to a material misstatement in the finan¢ial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliancc. Thc risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery? collusion, omission or misrepresentation.
REFORM RESEARCH TRUST INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ETr4DED 31 DECEMBER 2023 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstratetncnt of the financial statements, whether duc to fraud or crroi. design and perforni audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detcctin¥ a malciial misslalemenl resuliing from fraud is hi&,her than one resiiliing from error, as fraud may involve ¢ollusion. forgery, intentional omissions, misrLpresenlations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the charity's internal control. Evaluate the appropriateness of a¢counting policies used and the reasonableness of accounting esiimales and related disclosures made by the Iruslees. Conclude on the appropriateness of the trustees. use of the (Troing concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern, If we conclude that a n]aterial uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modity our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, fijture events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, slru¢lure and content of the financial statements, including the disclosures, and whether the finan¢ial slalements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governancc regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 35 Ivestgate Hudderstield HDI IPA 24 July 2024 Wheawill & Sudworth Limited, Statutory Auditor Wheawill & Sudworth Limited is eligible to act as an auditor in teLins of section 1212 of the Companies Act 2006.
10 REFORM RESEARCH TRUST STATEIVIETr4T OF fINANCIAL ACTIVITY for the year ended 31 DECEMBER 2023 Total Funds 2023 Total Funds 2022 Unrestricted Restricted Fund5 Funds Note Incoming resources 3 Events, sponsorship & donations 4 Investment income 568,275 568,275 393.596 Total income and endowments 568,275 568,275 393,596 Expenditure on 5 Cost of generating funds 5 Charitable activities 5 Governance costs 58,347 427,380 3,000 35,305 277,643 5,807 427,380 3,000 Total charitable expenditure 488,727 488,727 318,755 Total res0reeS expended 488,727 488,727 318,755 Net incomel{expenditure) 79,548 79.548 74,841 13 Gross transfer behveen funds Tr4et movement in funds 79,548 79,548 74,841 Total funds brought forward 712,765 712,765 637,924 Total fund5 carried forward 792,313 792,313 712,765 Continuing operations None of the charity's aetivities were acquired or discontinued during the current year. Total reeognised gain5 and 105se5 The charity has no recognised gains or losses other than the net movement in funds for the current and previous periods. The notes on pages 13 10 21formpart ofihesefinancial statements.
REFORM RESEARCH TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 Fixed assets Tangible assets 8,886 7,521 Current a55ets I l Debtors Cash at bank and in hand 71,661 813,461 56,094 730,970 885,122 787,064 12 Creditor5: amounts falling due within one year {101,695} (81,820) Net current assets 783,427 705,244 Net assets 792,313 712,765 Fund5 Unrestricted funds 13 Restricted funds 792,313 712,765 Total funds 792,313 712.765 These financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by J E Palmer Chair of Trustees The notes onpages 13 to 21formpart ofthesefinancic71 slalementj.
12 REFORM RESEARCH TRUST STATEMENT OF CASH FLOWS for the year ended 31 DECEMBER 2023 2023 2022 Note 17 Net cash flow from operiiting activities 86,778 88,434 Cash flow from investing activitie5 Proceeds of sale of tangible fixed assets Payment to acquire tangible fixed assets (4,287) (393) Tr4et cash flow from investing activities 14,287) (393) Net increasel(deerease) in eash and cash equivalents 82,491 88.041 Cash and cash equiv*lents at l January 2023 730,970 642,929 Cash and cash equivalent5 at 31 December 2023 813.461 730,970 Cash and cash equivalents consist of: Cash at bank and in hand 813,461 730,970 Cash and cash equivalents at 31 December 2023 813,461 730,970
13 REFORM RESEARCH TRUST NOTES TO THE Fif*ANCIAL STATEMENTS 31 DECEMBER 2023 Summary of significant accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year. (a) Company Information Refomi Research Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 5-6 St Matthew Street, Westminster, London. SWIP 2JT. (b) Basis of preparing the financial statements The charity ¢onstitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pra¢li¢e applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from l January 2019. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the nCtIOnal currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have bcen consistently applied lo all years presented unless otherwise slated. (c) Incoming resources All incoming resources are included in the Statement of Financial A¢tivities (SOFA) when the charity is legally entitled to the income and the amount can bc quantified with reasonablc accuiacy. The following specific policies are applied to particular categories of income. Voluntary incomL is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Investment income is included when receivable. Donations, legacies and other foLins of voluntary income are recognised as incoming resourccs when receivable, except insofar as they are incapable of financial measurement. Donations receivable for the Eeneral purposes of the Trust are credited to Unrestricted Funds. Donations for purposes restricted by their wishes of the donor are taken to Restricted Funds where these wishes are legally binding on Reform Research Trust Trustees, except that any amounts required to be retained as capital in accordance with the donor's wishes are a¢counted for instead as Endowments pemanent or expendable according to thc nature of the restriction. (d) Expenditure recognition Expcnditure is recognised on an accruals basis as a liability Is incurred. Expenditurc includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Costs of generating funds comprise the costs of staff and expenses attributed lo allracting voluntary income Expenditure on charitable activities comprises those ¢osts incurred by the charity in the delivery of its activitie5 and service5 Governance costs include those costs associated with meeting the constitutional and statutory requirements the charity in the delivery of its activities and services
14 REFORM RESEARCH TRUST 'OTES TO THE FINAB4CIAL STATEMENTS (CONTINUED) 31 DECEMBER 2023 {e) Tangible fixed a55ets Tangible fixed assets are stated at cost (or deemed Cost) or valuation less accumulated depre¢ialion and accumulated in]pairnient losses. C05t includes Costs directly attributable to making the assets capable of operating as intended. Deprcciation is provided at the following annual rates in order lo write off each asset over lis esiimaled useful lifc. Fixtures, fittings & Equipment -25 % reducing balance per annum (Q Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at cach balance sheet date. If such indication exists, the recoverablc amount of the asset, 01 the asset's cash generating unil, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. (g) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tern] liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. (h) Financial instruments The company has ele¢ted lo apply the provisions of Section I I 'Basic financial Instruments" to all of its financial inslrumenls. Finaneial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Ba5icfinancial asJets' Basic financial assets, which include debtors and cash and bank balances are measured at transaction price less any provision for impairment. Loans rcceivable are measured initially al fair valu¢, net of transaction costs and are subsequcntly carricd at amortised costs using the effective interest method, less any provision for impairnient. BasicfiAanciul liabilities Basi¢ financial liabilities, including creditors and bank loans are initially recognised at transaction price unless Ihe arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial liabiliiies ¢18ssified as payable within one year are not amorrised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment 15 due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. DereeoRiiition offiAancial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
REFORM RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 DECEMBER 2023 (i) Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 201 O and therefore it meets the definition of a charitable company foi UK corporation tax purposes. The ¢harily is Consequently exempt from corporation tax on its charitable activities. (i) Fund Accounting Unrestricted funds are available for use at the discretion of the Trnslees in furtheran¢e of their charitable objectives unles5 the funds have been designated for other purposes. Restricted fijnds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital musl be maintained by the charity. (k) Pension costs and other employee benefits The charity operates a defined contribution pension scheme. Contributions payable to the scheme are charged to the Staiement of Financial Activities in the period to which they relate. The eosl of any unused holiday entitlement is recognised in the period in which the employee's services are rcceived. Termination benefits are recognised immediately as an expense when the charity is demonstrably cotnmilted to terminate the employmeni of an employee or to provide terniination benefits. (l) Leases Rentals payable Ejnder operating leases, including any lease in¢entives received, are charged as an expense on a straight-line basis over thc term of the relevant lease. Critical accounting estimates and judgement5 In the application of the charity's accounting policies, the Truslecs are required lo make judgements, estimates and assumptions about the carrying amount of asscts and liabilities that arc not readily apparent from other sour¢es. The estimates and associated assumptions are based on historical cxperience and other fa¢lors that are considered lo be relevant. Actual results may differ fron] these estimates. Thc estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the pcriod 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.
16 REFO RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) 31 DECEMBER 2023 Events, sponsorship and donations Unrestri¢ted Fumds Restricted Funds 2023 Total 2022 Total Events, sponsorship and donations 568,275 568,275 393,596 4 Investment Income Unrestricted Funds Restricted Funds 2023 Total 2022 Total Interest received Expenditure Cost of Cbaritable Governanee Generating Activities Costs Funds 2023 Total 2022 Total Staff costs Fundraising events 48,347 329,140 377,487 248,482 48,347 329,140 377,487 248,482 Share of support costs {nole 6) Share of governance costs (note 6) 10,000 98,240 108,240 3,000 64,466 5,807 3,000 58,347 427,380 3,000 488,727 318,755 Analysis by fund Unrestricted funds- general 58,347 427,380 3,000 488,727 318,755 Restricted funds 58,347 427,380 3,000 488,727 318,755
REFORM RESEARCH TRUST NOTES TO THE FIT+lANCIAL STATEMENTS (continued) 31 DECEMBER 2023 Support Costs Support Costs GoTr'ernance 2023 2022 Total Costs Total Rent and other office costs Professional fees Policy events Charitable publications Independent examination fees Accountancy Auditors remuneration Legal and professional 72,001 2,004 72,001 2,004 45.182 1,493 9,701 8,090 1,250 1,250 1,250 1,750 1,250 1,750 3,307 108,240 3,000 111,240 70,273 7 Tru5tee5 None of the 'lrustees (or any persons connected with them) received any remuneration or were reimbursed for travelling expenses during the year. Staff Costs 2023 2022 Wages & salaries Pension costs 363,732 13,755 239,915 8,567 377,487 248,482 The average monthly number of employees during the year was as follows.. 2023 2022 Employees The number of employees earning over £60,000 pa excluding pension contributions were.. £60,001-£70,000 £70,001-£80,000 £80,001-£90,000 £90,00 I-L100,000 No tru5tecs received any remuneration from the charity. The ¢harily does reimburse expenditure in order for the trustees to attend meetings. During the year this amounted to.. Nil Nil
18 REFORM RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) 31 DECEMBER 2023 Tangible fixed a55etS Office equipment Totals Cost: At l January 2023 Additions Disposals 70,391 4,287 70,391 4,287 At 31 December 2023 74,678 74,678 Depreciation: At l January 2023 Charge for the year Eliminated on disposal 62,870 2,922 62,870 2,922 At 31 December 2023 65,792 65,792 Net book valuc: At 31 December 2023 8,88C) 8,886 At 31 Deccmb¢r 2022 7,521 7.521 10 Financial instruments 2023 2022 Carrying amount of financial assets Trade & othcr debtors {notc I l) 57,000 38,520 Carrying amount of financial liabilities TTdde & other creditors itnd accruals (note 121 14,397 12,100 Cash at bank and in hand are financial assets measured at face value Prep<lyments and accrued income, taxation and social security and deferred in¢ome do not meet the definition of financial instruments and therefore are not included in the amounts above. I l Debtors: amounts falling due within one year 2023 2022 Prepayments and accrued in¢ome Trade debtors Other debtors 14,661 57,000 17,574 37,800 720 71,661 56,094
19 RF.F0v1 RESEARCH TRUST NOTES TO THE FINANCIAL STATEMEI%TS {continued) 31 DECEML BER 2023 12 Creditor5: Amount5 falling due within one year 2023 2022 Taxation & social security Deferred in¢ome Trade creditors Other creditors Accrllals 55,971 1.179 1.672 11,546 43,333 888 1,271 9,941 101,695 81,820 13 Restrieted Funds Restricted funds Net In funds Transfers Between At 1.1.23 At 31.12.23 Nct movctncnts in funds includcd in the above are as follows.. Restricted funds Incoming Resovrees Resources Expended Movement in Funds
20 REFORM RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS {¢ontinued) 31 DECEM& BER 2023 14 Analysis of net assets between funds Total Fund5 2023 Unrestricted 2023 Restricted 2023 Fund balances at 31 December 2023 are represented by.. Tangiblc Assets Current assets/(liabilities) 8,886 783,427 8,886 783,427 792,313 792,313 Total Fund5 2022 Unrestricted 2022 Restricted 2022 Fund balances at 31 December 2022 are represented by-. Tangible Assets Current assetsl(liabilities) 7,521 705,244 7,521 705,244 712,765 712,765 15 Obligations under leasing arrangements The lolal future minimum lease payments under non-cancellable operating leases are as follows.. 2023 2022 Expiring.. In less than l year In more than one year but not more than 5 years In more than 5 years 85,812 136,412 85,812 136,412 16 Related party transactions During the year, thc CharÈty received unconditional donations from trustees totalling £10,000 {2022 - £7,000). There is no one controlling party of the Charity.
21 REFORM RESEARCH TRUST NOTES TO THE FINANCIAL STATEMEIITS {continued} 31 DECEMBER 2023 17 Reconciliation of net ineomel(expenditure) to net cash flow from operating a¢tivities. 2023 2022 Net incomel(expenditure) for the year 79,548 74,841 Adjustments for.. Rcntal income recognised in slalemenl of financial activities Depreciation of tangible fixed assets Increase/{decrease) in deferred income {In¢rease)/decrease in debtors Increase/(de¢rease) in creditors 2,922 12,638 (15,567) 7,237 2,410 39,842 (48,512) 19,853 Net cash flow from operating activities 86,778 88,434