Charity number: 1104518 THE REACT FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Armstrongwatson. Accountants, Business & Financial Advisers
THE REACT FOUNDATION CONTENTS Page Reference and administrative d8tail$ of the Charity, its Trustees and advisers Trustees, report Independent examlnerfs report Statement of financial activities Balance sheet 10 Notes to the financial statements 11- 17
THE REACT FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Mr T P Woolaghan, Trustee Mr M Priestley, Trustee Mr T R Durcan, Trustee Mr l Lupton, Trustee Ms K Daniels, Trustee Mr K Hannah, Trustee Mr R Smith, Trustee Miss K Johnston, Trustee Ms J Perkins, Trustee Charity registered number 1104518 Principal offlco Phoenix Court Earl Street Cleator Moor Cumbria CA25 SAU Accountants Armstrong Watson LLP Carleton House 136 Gray Street Workington Cumbria CA14 2LU Bankers Cumberland Building Society 52 High Street Cleator Moor Cumbria CA25 5A Page 1
THE REACT FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the financial statements of the Charity for the year 1 September 2023 to 31 August 2024. Objectives and actlvities Policies and objectives The charitable trust is constituted by a declaration of trust dated 25 May 2004. The objects of the trust is to advance the study of engineering in the West Cumbria area by providing financial assistance to students undertaking university study in engineering or a related subject. The policy of the trustees is to develop streams of new funding for the charity and to implement procedures to identify potential beneficiaries of the funding. The day to day running of the charity is undertaken by the trustees. The trustees believe the public benefit is lo advance the Study of Engineering in the West Cumbria area by providing financial assistance to students undertaking university study in engineering, or a related subject. Achi8vements and performance Maln achievements of the Charity Unlverslty Award In September 2023, The React Foundation held its annual awards evening with combined Promise Evening for the winning 202312024 students. Cheques were handed over to the winning 2023 students at Whitehaven Golf Club in September. Paige Champman from Millom School picked up the winning cheque, with Oscar Spencer Wright from Cockermouth School receiving the runners up award. Sam MGloughlin, also from Cockermouth School received his winning cheque from the IMechE. After much deliberation, The Trustees decided to award the 2024 university award to Keelan M¢keown from St Benedict's School, with St Benedi¢t's student Alfie Taylor also being awarded runner up prize. The IMeGhE reviewed relevant applicants for their award and decided to award their 2024 award to Rhys Jackson from Sl Benedict's. The above students were promised these awards in September 2023, and will receive their checks in September 2024, should they continue to meet the criteria for the award. The Post 16 Awards The 9 2023 students that were promised the 2023 Post 16 awards picked up their cheques at The Golf Club in September. The winners were.. Beth Blythe (Westlakes Academy), Thomas Pavey (Westlakes Academy), Joshua Groggins (St Benedict'sl, Mycah Labiano {St Benedict's), Ruby Haile (UTC), Emma Holecova {Cockemouth School), Toby Cooper (Cockermouth School), Alex Cooper (CoGkermouth School) and Jack Bloomer {Cockermouth School). The Trustees reviewed all applications and awarded the following 9 students the 2024 Post 16 awards.. Rowan Johnstone {St Benedict's School), Isobell Hood (St Benedict's School), Edward Smith (Cockermouth School). Eve Jennings {Cockermoulh School), Lauren Glynn Iwhitehaven Academy), Tyler Huddart (Nelherhall School), Charlie Deans Iwestlakes Academy), Caitlin Amber Sands IUTCI and Jack Procter (Keswick School). The students attended the Promise Evening in September 2023 where they received a letter of promise for the cheques next year. The turn out for the evening was great, with teaching staff accepting the letters on behalf of a couple of students that were unable to attend. Page 2
THE REACT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfomiance (continued) Annual ScienGe & Engineering Shows 2023 The REACT Foundation Annual Science & Engineering Show was launched in late September 2007 offering the opportunity for every Year 6 child in West Cumbria to attend an exciting science and engineering show. Due to the success of the Year 6 shows a secondary show was introduced in September 2010 to year 9 students and this was extended to include Year 7 & 8 in 2013. The primary shows are also attended by Year 5 students. Continued communication was had with the Science Museum, but unfortunately due to recruitment issues and reshuffling within the museum, they were unable to commit and present the shows this year. The Foundation reached out to Simon Watt who came up to Cumbria in 202112022 to present the shows. Simon was able to commit lo the shows, but stated he wouldn't be able to the 2-week block of shows as we normally do, due to him being on his own. The Foundation worked hard to secure continued funding for the 2023 shows, with RWE sponsoring for the 15th consecutive year. KS2 Primary Shows: The Ugly Animal Roadshow Slmon Watt came up to Cumbria to present his Ugly Animal Roadshow.. an interactive show that introduced the students to an array of very ugly animals and explained why they're important to save. The show celebrated and explored Ihe incredible biology of the animal kingdom's most monstrous. It investigated what adaptations make them amazing, and how such hideous creatures evolved in the first place. The students were in fits of laughter at the show and its various challenges that got students up to the front and involved, including kicking balls of pee and poo across the room (in reality these were just coloured balls representing this). A Primary School student said.. "It was absolutely brilliant, I was so pleased to be picked to go to the front and wear a mask and lo help judge who could make the best Play-Doh shape of the ugly animals. I've really enjoyed the whole show and it was great fun. l also got out of learning about negative numbers for the morningl It wa5 great to do something different with school. I now think about ugly animals in a different way and want to save Ihem alll Science is really funl. With a teacher adding. It's just wonderful to have something like this to bring the children to, seeing them gel really involved and engaged. STEM is something we focus a lot on in our school. Events like this help us to show the children thal there are a variety of science careers out there for Ihem to look into. We are also studying animals and humans and the relationships bele¢n them, so this is really topical for us too. ICanToo sessions: September 2023 saw the third ICanToo cohort kick-off their year of inspirational, educational and unique events whilst the second cohort {signed on in 2022) remain in the programme with their year of mentoring. Both cohorts consist of ten students, from each of the four schools, selected through unreached potential. Cockermouth School, Cockermouth Netherhall School, Maryport st Benedict's School, Whitehaven West Lakes Academy, Egremont Planned through volunteering members of React Engineering, events are organised for the students to attend each half term, opening their horszons and increasing their interest in STEM. Inspira support the programme ensuring each student signed on has been sUPPOrted and guided through one-to-one mentoring, helping to achieve their true potential in STEM based subjects. Since September 2023 the students have attended a number of events, ranging from local engineering business Page 3
THE REACT FOUNDATION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achlevements and performance Icontinued) talks. university visits and an out of county residential. In September 2023 the group attended an evening event, whi¢h included a talk and demonstration of SPOT the robot dog from local business, Createc, and an inspirational talk on engines and formula-1 engineering from ex-formula one engineer, Tim Brentall. In November 2023, the students attended University of Central Lancaster's base I n West Cumbria. This evening was hosted by the Medical SGience Department and the students took part in a number of interactive sessions including an interactive Anatomage table session, performing medical procedures through VR headsets, diagnosing and testing patients and a CPR session. To finish 2023, in December the cohort attended an evening hosted by Forth Engineering, a local engineering company. The event was split into tr0 evenings to hold all four schools, with them having a lour of their facilities, including the largest wet test facility in the UK, and an inspirational talk by Mark Telford, Managing Director. 2024 was kicked off by a January evenl to visit Innovia in Workington. Here the students learned about the Manufacturing processes behind making cnsp packets. The three-day out of county residential held place in Easter 2024, at Manchester and Sheffield. The trip was packed with as many inspirational, educational and unique activities as possible. The first day saw the students travel to Manchester on the way they stopped for a tour at Manchester Airport, where we had a unique tour of the Concorde by an ex-pilot. In the afternoon they attended the Science and Industry Museum. This included a tour, and personalised activities for the students, to explore their STEM curiositie5. The third cohort finished Iheir first year with an extremely bespoke trip hosted by RWE. The students were lucky enough to attend a half day session in the May half term, which seen them go over the Solway Firth to get up lose to the windfam1, some students were lucky enough to witness engineers changing a blade on one of the wind turbines and witness a changeover of technicians. This day included an educational hand5-on session on renewable energy and wind turbines. The programme was made possible through a substantial funding pot, ¢urtesy of the Royal Academy of Engineering, The Granada Foundation, Francis C Scott, Hayes Travel Foundation, Cumbria Community Foundation and Hello Future. The fourth cohort, again 40 students from Cockermouth School, Whitehaven Academy, Netherhall School and St Benedict's, have now been recruited to start the programme in September 2024 wth the third Cohort returning for their second year, and the first cohort finishing the programme. The third cohort attended an overnight residential in July 2024 to welcome them to the programme and again integrate the group before the programme started. This comprised of teambuilding activities including, canoeing in Coniston Water, archery and crate building. Schools of the Future- University of Oxford Trip 2024 In March 2020, a trip to Oxford University was planned with local students that had taken part in the First Lego League ¢ompetition. Unfortunately, due to the pandemic, this trip had to be cancelled. Good communication was kept wilh contacts al the university, and this trip has been a success since. As First Lego League competitions have been on hold due to the pandemic, The Foundation created a unique project,. Engineers of the Future, Schools of Ihe Future. The idea was that the students involved with this project would imagine, design and create their vision of their school in 50 years, lime. This project ran for 8 weeks, concluding with a trip to Jesus College, Oxford University in March 2024, where the students would present their projects to staff and students attending the university. Following on from the huge success of the pilot trip and the subsequent 2023 trip, and the amazing feedback from the schools involved, The React Foundation worked alongside Oxford University once again to bring this project and trip to life again in 2024. Again, 3 local schools were approached (Montreal School, St Joseph's School and St Patrick's School), and the Page 4
THE REACT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfomianGe (continued project was 5UPPOrted at weekly session5 by 8 volunteers from The Foundation. The students designed their schools and used robotic elements to bring this design to life. The participating students created a presentation of their project lifecycle, 5howng how they came up with various ideas and how these ideas were put into place for their final design. A total of 30 students aged 8-10 years old and 12 supporting staff members and volunteers from The Foundation attended the 3-day trip to Oxford University. Due to limited availability for rooms at Jesus College, some students and staff members stayed at Queen's College across the campu5, and activities were split been the 2 ampuses. During their time at the University, students attended various lectures including.. How to think like an Oxford student, a simple lecture on science and a hands on chemistry taster session lead by post grad students. The attendees also immersed themselves in the city of Oxford with tours around the city and a visit to the local museum. The trip was finished off with Ihe students presenting their projects to Oxford university students and staff members. Once again, the project and the visit to the university was a huge success, with nothing but positive feedback coming from the students and staff attending. One staff member is quoted as Saying.. "The REACT clubs were great and the children built real relationships with the staff - especially Jamesl The colleges and the tour of Oxford was brilliant, but I think we would have liked even longer or seen some of the extra-curricula activities Oxford students get up to in their spare time. I thought the science experiment Ihe children did was really cool, because they don't get to do those in primary so it was a real unique experience for them. With another teacher penning a thank you letter that stateted.. Can I please say on behalf of myself, the children and parents we know that this trip would not go ahead without your amazing organisation skills and $0 we would like to say A HUGE THANK YOU for all your hard work and kindness. Giving the children such an amazing opportunity to set aspirations for life and experiences thal they will never forget.. fancy being able to write on their CV .. I presented at Oxford University!1 AMAZING. Thank you." The students also had kind words and prise about the trip and project as a whole, stating.. °When we went out around Oxford it was fascinating to see all the different buildings and the purposes of them - like the biggest library on Earthl Also, Queen's college was really good - especially the food - but I personally think the rooms were hauntedl" This year's trip has cemented what an amazing programme this is and will endeavour to make this trip happen again next year to have an impact on even more students. Good communication has once again been maintained with contacts at Oxford University with this in mind. Supporting others The Foundation aim to help and support others where possible. We were approached by The IMechE to support their annual education event this year which was space themed. They required administrative help to engage and encourage schools to attend. Website & social networking The website, X, Facebook and Instsgram continue to be used to promote the Foundation and other sciencelengineering activities in the local area. Future Foundation Initiatives Continuation of the Bursary & Post 16 Awards The awards have been reviewed by the Trustees. The Foundation will continue to make awards to University and Post 16 students as before. The application process for the Bursary awards changed at the start of 2019. Page 5
THE REACT FOUNDATION TRUSTEES, REPORT {CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Achlevements and performance (continued) Applications are now accepted during Spring and Summer whilst the students are in Year 12. A promise will be made when students commence Year 13 in September, with the monetary award being made the following year. We will follow sult wth this process. Continuation of Annual REACT Foundation Science & Englneerlng Show The Science Shows in their current format have been running since 2007, however the 2021 shows had to lake a different format due lo COVID-19, and the social distancing restrictions nationally. With the Science Museum, London unable to support the online shows during the restrictions, Simon Watt was approached and delivered these shows for us. We hope to continue our partnership with The Science Museum and Simon Watt next year, now restrictions have eased, and the live shows have been back and a huge success this year. Contlnuation of the ICanToo Programme The fourth cohort of ICanToo are due to kick-off their year programme in September 2024, where a range of inspirational, educational and unique events are planned, alongside the continual support from Inspira. The 2023 cohort will be starting their final year on the programme, with the guidance and mentoring sessions being the forefront. The Trustees continue to follow up on ideas for funding the project and continue to work alongside Inspira to deliver the best possible programme. Partners and Fundlng IMechE West Cumbria will continue to support a student wilh their university bursary running alongside our own initiative. Our ties with IMechE West Cumbria conlinue to grow as we work alongside one another on other initiatives. Support for the Science Shows has been received from RWE. Mentoring support and guidance for the students on the ICanToo scheme has been provided by Inspira Cumbria and will continue to do so. Financlal review Financial rlsk review The trustees actively review the major risk which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risk5. The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in pla¢e to mitigate exposure to the major risks. b. ReseNes policy The trustees have reviewed the level of current unrestricted reserves and consider them adaquate to meet the current charitable expenditure commitments. Page 6
THE REACT FOUNDATION TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 strudure, governance and management a. Constitution The React Foundation Is a registered charity, number 1104518, and 15 constitu18d under a Trust deed. b. Methods of appointment or electlon of Trusteès The management of the Charity is the responsibility of the Trustees who are elecled and co-opted under the terms of the TrL5sI deed. Statement of Trustees, responslbilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance wSlh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and application ol resources, including ils income and expenditure, for that p8riod. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies 8nd then apply them consislenlly., observe the methods and principles of the Charitiès SORP IFRS 102); make judgments and accounting estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards IFRS 1021 have b8en followed, subject to any material departures disclosed and explained in the financial slalemenls; prepare the financial 51atemenls on the going concern basis unless it is inappropriate lo presume that the Charity will continue in businèss. The Trustees are responsible for keeping adequate accounting records that are Sufficient lo show and explain the Charity's transactions and disc105e with reasonable accuracy at any lime the financial p051tion of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking r6asonabl8 Steps for the prevention and detection of fraud and other irregularities. vedb order of the members of the board of Trustees and signed on their behalf by-. Mr T P Woolagttan (Trustee) Date: 1 May 2025 Page 7
THE REACT FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Independent examiner's report to the Trustees of The React Foundation ('the Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2024. Responsibilities and basls of report As the Trustees ofthe Charity you are responsible for the preparation oflhe accounts in accordance with the requirements of the Charities Act 20111'the 2011 Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examlner's ststem8nt Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their aGGounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 in preference to 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 been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connedion with the examination giving me cause to believe that in any material respect. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other Ihan any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Report5) Regulations 2008. My work has been undertaken so that I might State to the Charity's Trustees those matters l am required lo slate to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the Charity and Ihe Charity's Trustees as a body, for my work or for this report. Signed.. Dated.. 16 May 2025 Steven Kirkbride BFP FCA ATT MAAT Armstrong Watson LLP- Workington Page 8
THE REACT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restricted fund$ 2024 Total funds 2024 Total runds 2023 Note Income from: Donations and legacies Investments 29,000 2,084 14,000 43,000 2,084 20, 799 910 Total income 31,084 14,000 45,084 21,709 Expenditure on: Charitable activities 10,980 21,944 32,924 35,200 Total expendituro 10,980 21,944 32,924 35,200 Net incomellexpendlture) Transfers beeen funds 20,104 17,944) 17,9441 7,944 12,160 {13,491) Net movement In funds 12,160 12,160 (13,491) Recon¢lllation of funds: Total funds brought forward Net movement in funds 80,169 12,160 80,169 12.160 93,660 (13,491) Total funds carried forward 92,329 92,329 80,169 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 11 to 17 form part ofthese financial statements. Page 9
THE REACT FOUNDATION qALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Current assets Débtors Cash at bank and in hand 5, 000 75,769 92,329 92,329 80,169 Net current assets 92,329 80,169 Tolal assets lèss current liabilities 92,329 80,169 Net assets ex¢ludlng penslon asset 92,329 80,169 Total net assets 92,329 80.169 Charlty funds Restricted funds Unreslricled funds 92,329 80,169 Total funds 92,329 80.169 efi ncial statements wère approved and aulhorised for issue by the Trustees and signed on their behalf by.. MT T P Woolaghan {Trusteel Date.. 1 May 2025 The notes on pages 1110 17 form parl of these financial slalemenls. Page 10
THE REACT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information The React Foundation is an unincorporated charity registered in England, Wales. The principal address is Phoenix Court, Earl Street, Cleator Moor, Cumbria, CA25 SAU. Accounting policies 2.1 Basis of preparation of tlnancial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Account5 and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The React Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless OtheIse stated in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.3 Expenditure Expenditure is recognised once there is a legal or Constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The Gosts of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that aclivity. Shared cost5 which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis Gonsistent with the use of resources. Central staff ¢osts are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset'5 use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page11
THE REACT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {continued) 2.4 Taxatlon The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable Gompany for UK corporation lax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received wthin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.5 Debtors Trade and other debtors are re¢ognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.6 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposil or similar account. 2.7 Flnancial Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.8 Fund accountlng General funds are unrestricted funds whiGh are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Reslricted funds are funds which are to be used in accordance with Specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacles Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donation5 and gifts 29,000 14,000 43,000 Page 12
THE REACT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 InGome from donations and legacies (continued) Unrestncted funds 2023 Restricted funds 2023 Total funds 2023 Donations and gifts 13,072 7, 727 20, 799 Investment Income Unrestricted funds 2024 Total funds 2024 Interest receivable 2,084 2,084 Unrestricted funds 2023 Total funds 2023 Interest receivable 910 910 Analysis ol expenditure by actlvltles Actlvities undertaken directly 2024 Total fund5 2024 Activities 32,924 32,924 Activities undertaken directly 2023 Total funds 2023 Activities 35,200 35,200 Page 13
THE REACT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activitles (continued) Analysis of direct costs Total funds 2024 Activities 2024 Awards to students Science and engineering events Accommodation Insurance Travel 5,804 212 11,046 647 6,330 8,176 1,709 5,804 212 11,046 647 5,330 8,176 1,709 Activities and tours Room and equipment hire 32,924 32,924 Total funds 2023 Activities 2023 Awards to students Science and engineering events Promotion and web-site costs Accommodation Insurance Travel Activities and tours Room and equipment hire 6,721 216 6,721 216 162 162 11,190 607 11,190 607 3,529 11,041 1, 734 3, 529 11,041 1, 734 35,200 35,200 Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL). During Ihe year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 14
THE REACT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2024 D8btors 2024 2023 Due within one year Trade debtors 5,000 5,000 Statement of funds Statement of funds - current year Balance at 1 Septemb8r 2023 Balance at 31 August 2024 Transfers inlout Income Expendlture Unrestrlcted funds General Funds- all funds 80,169 31,084 110,980) 17,944 92,329 R88tricted funds I Can Too Project 14,000 121,944) 7,944 Total of funds 80,169 45,084 (32,924) 92,329 Statement of funds - prior year Balance al 1 September 2022 Balance at 31 August 2023 Transfers in/out Income Expenditure Unrestrlcted funds General Funds- all funds 90,363 13,982 (11,421) (12, 755) 80,169 Restricted funds I Can Too Project 3,297 7, 727 (23, 779) 12,755 Total of funds 93, 660 21,709 (35,200) 80,169 Page 15
THE REACT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Summary offunds Summary of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expendlture General funds Restricted funds 80,169 31,084 14,000 (10,980) 121,944) 17,944) 7,944 92.329 80,169 45,084 (32,924) 92,329 Summary of funds - prlor year Balance at 1 September 2022 Balance al 31 Augusl 2023 Transfers in/out Income Expenditure General funds Restricted funds 90,363 3,297 13,982 7,727 (11,421J (23, 779) (12, 755) 12, 755 80, 169 93,660 21,709 (35, 200) 80, 169 10. Analysls of net assets between funds Analysis of net assets between funds - current period Unrestrlcted funds 2024 Total funds 2024 Current assets 92,329 92,329 Total 92,329 92,329 Page 16
THE REACT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysis of net assets between funds Icontlnued) Analysis of net assets between funds - prior perlod Unrestricted funds 2023 Total funds 2023 Current assets 80,169 80, 169 Total 80,169 80, 169 11. Related party transactions The Charity has not entered into any related paty Iransa¢tion during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 August 2024. Page 17