Docusign F.elOpe ID 3(E(Y)SSF.10F7482&B8É7-1708884EC253 Registered number: 06361547 Charity number: 1121325 The Reece Foundation IA ¢ompany limited by gyaranteel Annual report 31 December 2022 •OCD32WP# D27 COMPANIES HOUSE
Enk*e 10". 30EOQW-10F7-482&B8E7.17088B4EC253 The Reece Foundation IA company limit•d by guarantee) Contents Page RefeTence and administrative detajs Trustees. report Tru$tees' responsibilrties statement Independent audrtoffs report Statement of financial adivrties 10 Bajance she¢t Notes to the financial statement5 12-19
Do(xJ&gn Erpvthpe ID" 30E0055F-IQF7482&B8E7.17088B4EC253 The Reece Foundation IA company lirnited by guarant¢¢l Reference and administrative details For the year ended 31 December 2022 Trust••s A D Rp.grTr. f.hAir S P Gilroy E Morgan J Reece (resigned 23 February 2023) D R Sandbach P E O'connell Company registeped number 06361547 Charity ragistered number 1121325 Registered offlcè 40 Grosvanor Place Jesmond Newcastle upon Tyne NE2 2RE Company secretary A D Reece Ind•p•ndent audiior UNW LLP Chartered Accountants Ctygate St James. Boulevard Newcastle up(In Tyna NE1 4JE Page 1
Drtuslgn En¥elope1D' 30E0055F-10F7482&B8E7-17088B4EC253 The Reece Foundation {A company limitèd by guarantèe) Trustees, report For tha year ended 31 Dgcembgr 2022 The trustee5 psent their annual report tog8therwrth the audrted financial 5tatemenls of the FoundatlDn for the 1 January 2022 to 31 December 2022. The annual port serves the purposes of both a trustees. report and a directors. report under company law_ The tmstees confirm that the annual report and financial statements of the chantable ¢ornp3ny comply wrth the current statutory requirements: the requireffjents of the chantable companys governing document and the provisions af Ihe Statemenl of Recommended Practice ISORPI applicable to charities preparing their accounts in ¥cordance wth the Financial Reporting Standard applicabk in Ihe UK and Republic of Ireland IFRS1021 (effective l January 20191. Sints the Foundation oualif*s as small under S0 382 of the Companies Act 2006, the strategic rtport required of medium and large eompanies under the Companres Act 21K6 {Strategic Report arKI Directors, Report) Regulalions 2013 has been omitted. Oblectl¥es and actlvlties ¥¢ Poli¢l8s and ObltIVeS The primary aim of the FoUndatn is to award granls to organisations and to directty sponsor activites that will. in the opinion of the trustees. incwse the lon9 term and sustainable prospeiity ol the North East of England primarily through the promolion of engineering and manufacturing. In partTrcular we intend to focus incre85ingly on the levels and amount of training in engineer¥ng ted skills Ihroughoui the region. Other project5 which. In the opinK)n of the trustees. are benefickil to the wellbe4ng of the region, or the country as a who. particularfy ttrSe ass()ciated wrth the Conservation ofwikj land may also be supported. The trustee5 are awa of the Chanty CoMmissn,$ guKlance on publK benefrt and have regard to it when selecting those pr(4e¢ts which receive grant fundiNJ. Achlevoments and pgrfomiance * Rgview of acti¥iti¢s There 15 no doubt thal the pandem conlinues to have a 51gnifunt eterIouS effect on many school children in the North East. right across the sch¢yY range. Schoo15 h8ve struggkd to counter these effects and have been reluctant or unable to continue with extFa cumcula actmhes of the sort funded by the Foundation. However. despite this we have managed to get sorrE actNrties going and the competrtlDns- buth Lego and Vex are proving very popular- and sorrE Success has been by North East schools. In fact. 3 primary schools from the 910n won places at the Lego worhj finab. We helped fvnd their travel there a lrfe changing opportunily for these kids. We are determined to Increase the scope of these competitions as they piowde a wide range of benefrts for the kids that take part. The withdrawal of Nissan from supportin9 the F1 in Schools wnpetthon has to there being no regional competition. We hope we may be able to support a rtew initialrve rn the ftrture. Greenpower has begun to thrive again however with a number of schools. espe¢ialty Primary taking part and Mpets9 locally. Several other compe1rf¥nS continued online- incJudJ"n9 the activjlies ol Th& National Ljleracy Trusl, Teen Te and Pnmary Engineer. For some kids tt)ese presented a very wel¢r? actiwty. but we untsrstand a number ol children are exduded. As well as Ihe above the Foundat10n continued it5 SUPWJrt for texher CPD, schod$' participation in national events and a lange of diverse other educational causes. We Gontinued a project with RGS * Weslfield schools to make avaikqb addOnal teaching and mentoring in maths and physics to talen1 local pupiLs trom state SC5. We have a150 continued wrth our 6th form Page 2
Docu&gn ETrope ID. 30EOD55F.10F7-482B-B8E7-17088B4EC253 The Reece Foundation IA ctjmpany limited by 9uarantee Trusteès, report (continued) For the year ended 31 December 2022 Achievements and pertomianc• {continuedl bUrIeS in STEM subjects at bnth Rf.IS and New¢astte High School for Cirfs. The Trustees Gonts"nued their support for pioiects which improved and protected the enviionmenl and helped the countryside lo become more accessib and underslandable to a wKler range of pe(yle. We are continuing our work with Northumbrian Water Limited and other agenues to try and improve the water qualty in the Ouseburn as a pre-¢ursor to Improving Ihe environment throughout the Valley itse. Newcaslle University have continued their researGh both into the waler qualty and possib solutk)ns to the pollution levels there. Many other prciects which we believed enhance the lrfe of the North East were supported in the year- notably an eLension for the Mag9ies cent at the Freeman Hosprtal and funds to support the Prograrome of events in the newty re opened hAining Institute- now known as The Common Room. The Trustees continue to seek ambrtious and innovatNe projects which will increase the sustainable prosperity of the North east. Flnancial review * Rèvièw of th• yèar The FoUndatn awarded grants during the year which resuhed in a deft before revaluatson of investments of £822,188 12021.. £2,012.8771. Expendrture Is in line wrth trustees expectation$ and the Intention is that the Foundation distributes its assets over a 10-year perioj. * Rtserve5 policy As al 31 December 2022. the Foundation hokls reserves of £27.323.5TT {2021.' £35.206.1921. Of these, £24,681.87912021.' £32.489.575} Is invested for the longer temi to provide a retuffl for the Foundation in fvture year¥, wrth a further £35.369 12021 £49.978} hdd as programme rdated investments. Remaining total 'free' unrestricted serveS of £2.606.329 12021- £2.666.639} represent approximatdy one yeai ol charitabl expenditu h¢kl as cash, and is therefore not at risk of the ftuctuations in investment values seen In rècent months. Expenditure ha5 decreased In the year however is expecled to increase in future years with some large upcornin9 projects. The twstees believe these reserves are sufficierrt to support grants as they are agreed and other ¢os1s as they arise. Gr>ing concem After making approprkale enquiries. the trustees have a reasonable expectation that the Foundation has adequate resource5 lo continue in operational existence for the foreseeable future. For this reason. they continue to adcyt the going ¢on¢ern basis in preparing the financial statements. * Plans lor fvtur• pèrlods During 2023 and beyond the trustees will conlinue to seek hKJh profile project5 wthin the region thal promote eduEion and Gareers devek)pment in STEM subjecls. Page 3
Do¢uSign En¥elope ID 30E01155F-10F7482B-B8E7-17088B41C253 The Reece Foundation IA company limited by gtsarnnte•) Trustees, report (continued) For the year ended 31 Decernber 2022 Structure. goveTnance ond managoment * Constitutlon The Foundation is constit¢{1 a5 a cornpany limrted by guarantee and was incorporated on 5 Seplember 2007. It is a registered chaTty number 1121325 In the event of a winding up. every member who is a trustee, undertakes to contribute tu the payment of liabilities such arn)unt as may be required not exceeding the tDtal of £10. * Methods of appolntmènt or eleeiion of trustees New trustees are appointpd by existing Iruslees. They all receNe induction to the rolès and responsibilities of a trustee and on9(Mng tr8inJng based upon their 1ndMdU need5. * Organisational Structure and d•eision-making policies All decisions regarding the management of the assels of the Foundat and the awarding of grants are made Collective by the tiustees. * Investment policy and performance The FoundatLon seeks to maximise rts income fn)m rts asset base through a mix1ure of longer ierm Investment in caprtal MaTkèts and short temi bank deposits, whilst minimisin9 rts exposu to risk. The trust will keep ongoing tnvestment perfoimance under review. Risk management Th8 trustees have assessed the rnajor risks lo whjch the Foundats"on is exposed and are satisfied that systems and prLKedures are in place to mitvjate those mèor risks. The principal risk is consKleied to be thp rnanagement and pertormance of the Investment assets. which is mitigated through the use of professKJnal investment managers report regularty to the trustee5. DiselosuTe of inforniation to audilor Each ol the persons who are trustees at the time when this truslees. report is approved has confirmed Ihat". so far as Ihat trustee is ¥are. there is no relevant audrt information of which the charW8 auditor Is unawa, and that trustee has taken all the steps that Ought to have been taken as a trustee in order to be awa of any relevant audit Information and to establish that the Chaiitys audrtor is aware of that information. Approved by order of the members of the board of trustees on 27 September 2023 and signed on their behalf by. IA*wIFE42&. A D Reeco (Chair of Trustees) Page 4
Docusiyn En¥dcpe ID.. 30E005¥.10F74B2&88E7-17088B4EC253 The Reece Foundation IA company limited by guarantee) ststement of trustees. responsibilities For the year ended 31 December 2022 The trustees Iwho are also the directors of the Foundation for the purposes of company lawl are responsible for prepanng the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom General Accepted Accounting Practi1. Company law requires the trustees to prepare finanual ststements for each financ1. Under company law, the trustees musl not approve ltte financial statements unsS they are satisfied that they give a true and fair view of the slate of affairs of the Foundation and of its incoming resources and application of resources, Including tis income and expenditure. lor that penod. In preparing these financial statements, the Iruslees are iequiied to.. selecl suitable accounting policies and then appty them consistentty." observe the methods and pnncipks of the Charities SORP IFRS 1021". make judgments and 3ccounting estimales that are reasonable and prudent. statè whether applicable UK A¢countin9 Standards {FRS 1021 have been foll¢>wed. Subject to any material departures disclosed and exp13ined in the financial ststements" prepare the financial statements on thè going concern basis unS it is Inappropriate to presume th81 the FOundatn wll continue in business. The Iru5tèes are responsible for keeping adequate accounting records that a sufficient to show and explain the Foundation's trans3CtIOn5 and d15ck)se wth ieasonable accuracy at any ts.me the financial position of the Foundalion and enabk them to ensure that the finan¢k31 statements comply %Mth the Companies Act 2006. They are also rèsponsibk for safeguarding Ihe assets of the Foundation and hence for takin9 reasonable steps f(K the prevgnlion and detection of fraud and other irregularrti8S. Page 5
Docusign Envelw ID 30E(N)55F.fOF7482&F8E7.1108BB4EC253 Independènt audltofs report to the members of The Reece Foundation Oplnion We have audrted the financial staternen15 of The Ree Foundats"on Itht 'Foundation'} for the year ended 31 December 2022 which cornprise the statement of financial aGtivrti8s. Ihe balance sheet and the related notes. including a surnmary ol significant accounting policie5. The financial reporting framework that has been applied in their preparation is appI[e law and United Kingdom A¢UntIng Stsndards In¢luding Financial Reporting Standard 102 'Thè Financ1 Rèporting Standard applicab in the UK and Republic of I18, Iunrted Kingdom Generally Accepted A¢¢auntiny Practi¢el. In our opinion the financial statements. give a trkje and fair view of Ihe state of the charitabk company's affairs a5 at 31 December 2022 and of rts Incoming resources and applKion of resources. Induding ts Income and expendrture for the year then ended.. have been propety prepared in accordance with United Kingdom GeneraNy Accepted Accounting Practice.. and hav8 been prepared in accordancÉ with the requirernents olthe Companies Act 2006. Ba$is for opinion Vve conducted our audrt in C{)rdance with lntemab.onal Slandards on Auditing IUKI I'ISAS IUKI'I and applicable law. Our iesponsibi15ts8s urKler those standards are further desertbed in the'Audifor's responsibilittes forthe audit ol the financial statements, Section of our report. We are independent of the charrtable company In accordance with the ethiGg1 requirernents that are relevant to our audrt of the financral statements in the United Ktngdom, includin9 the Financial Reporting Council's Ethical Standard. anij we have fulIe<l our other ethical responsibilities in accordance w((h these wuirements. We believe that the audrt eviden we have obtained is suffIcnt appropriate to prowde a basis for our opinion. Conclusions relating to going concem In au(Iiting the financial statements. we have concluded that the Irustee5' Use of the going concem basis of accounting In the Preparatn of the finanaal statements is apprtspnate. Based on the work we have perfom)ed. E have twt Identthed any matefial uncertainiies relat1ng to events or conditions that, Indi¥idu81ty or collectively. rnay cast signffjcant (Joubt on the charitable company's abilrty lo continue as a goin9 concern for a period of at least tsEfve months from when the financial slatement$ are authorised for Issue Ouf responsibilities and the respon5ibilrties of the trustees resped to going concem are described In the rélevant sectn$ of this port. Page 6
Docyggn En¥ ID". 3DE005&F-10F7482&B8E7-17088BEC253 Independent auditors report to the members of The Reece Foundation (continued Other inforniation The Othér Infomiation ¢ompns&s the informab.on included in the annual report other Ihan the financial 51atp.rnpnts and our auditor'4 report Ihereon. Tile trustees are responsible for the other infomiation contained wf(hin the anhual report. Our opinion on the financHI statements does not cover the other information and. except to the extent otherwise explicilty ststed in our ieport. we do not èxpiess any form of assuran conclusion thereon. Our responsibility is to read the other information and. In doing $0. consider whether the other infomation is materially inconsistenl with the financial staternents or our knovAedge obtained in Ihe course of the audit, or otheTh¥ise appears to be materialty misstated. If we enIfy su¢h materkal inconsistencies or apparent material mi55taternents, we are requir8d to determine whether this gNes iise to a material rnisstatement in the financial statements themselve5. If. based on the work we have performed. we conclude that there is a material mi85tatement of thi5 Othèr infOm)at. we aTe required to report th fa¢t. Vve have nothing to report in this regard. Opinion on other matters prescTil)ed by the Comp4ni•s Act 2006 In our opinion, based on the wort undertaken in the course of the audit". the inf¢ymation given in the tfustees. report for the financ1 year foi which the financial statements are prepared is consistent with the financral staternents. the trustees, report has be prepared In accordance with applicab al requirements. Matters on which we are required to report by exception In the light Of our knowledge and unsjerslanding of the charIlab company and its environment obtained in the course of the audit. we have not Klentffied material mhsststements in the trustees, report. Wè have nothing lo report in respect of the follcming matters in relation to which COMpanS Act 2006 requires vs tc) report to you if, in oui opinK)n". adequate accounting records have not been kept. or returns adequate for our audit have not be&n receNed from branches not v15rted by us,. or the financial ststements are not in agreement with the accounting records and retums., or certain disclosures of trustees, remuneration specified by law a not maae.. or we have not received all the InforMatn and explanats"on5 we requi for our audit". or the trustees werè not entitkd to prepare the financial slatements In accordance wrth the small companies regimè and take advantage of the srnall ¢M)panies' exemptions in preparing the trustees, report and from the requiremenl to prepare a strategic report. Re5ponsibllitSes of trustees As explained morè ful in the Irustees. responsibilities statement. the trustee5 {who are also the directors of the charitable cornpany for the purposes of ¢panY lawl are responsible for the preparats.on of the financial statements and for being satiSfd that they give a true and fair view. and foi such intemal control as thè trustees delerniine is necessary to enable the preparation of financial staternents that are free from materTal mi$ststement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable ¢ompanYs ability to Continue as 4 going concern. dix105ing. as appIab, matters rdated to going con¢em and using the going concem basis of accounting unless the trustees either intend to liquidate the charrtable company or to cease OPÈrdtK)ns, or have no reali5t¥c altemative but to do so. Page 7
Ooeusiqft En¥ekJpe ID" 30ES5F-10F74828EF-17o8sBEC2S3 Independent auditorfs report to the membgrs of The Rgè¢0 Foundation (Gontinued Audltor's r•sponslbllltles lor the audlt of the flnancial statements Our objecti$ are trj obtain reasonab assurance about vthether the fnancial statements as a whole are free from material misstatement. whether due to fraud or error. and to Issue an audrto¢s report that Includes our opinKJn. Reasonable assurance Is a high level of 8ssurance. but is not a guarantee that an audrt ¢ondu¢ted in accordance wjth ISA$ IUKI will aayS detect a material misstaternenl when it ex15ts MI55tateffnls can arJ5e from fraud or error and are consKlered malerial rf. Individua or in the aggregate, tt)ey coukl reasonabty be expected to infftsence the economic deo"sion5 of users taken on the basi$ of these financial statements. 1rre9ularrt, including fraud. a instsn¢es ol non-compliance with law5 and regulations. We deSn pr(Kedu$ in line With our responsbilities, otsttined above. to detea materral mis$tatemenl$ in resped ol irwularrties. including fraud. The extent to which our pwoGedures are Capab of detecting irregukiibtss. including fraud Is detsiled below. We Id&ntified areas of baw and regulatn$ that ujuld rea50nabty be expected lo have a material effect on tha financial Statements from our general and sedur experience an¢J through discussions with the trustees and other management las required by Auditing Standards) and ftom InspectLon of the charitable company's leg81 eorrespondence. and we discussed with the Irustees and other managemenl the policies and prOdureS regarding compliance wrth laws and reguL31s. We communicated Identffjed Jaws and gUlabOn5 throughout our team and remained alert to any IndirAtion5 of nonumpliance throughout the audit. Firstty, the Charitab company is sthject lo kn wd regulations that dire¢dy affect the financial statements Including financial reporting lsIatn (including Telated companies and charities legislationl and taxation legislatn and we assessed the extent of compb.ance with these Jaws and reglOn$ as part of our procedu5 on the related finanal statemenl rtems. Secondly the charitable company Is subject to many other laws and regulatk)n5 where the consequences of noncompliance coubj have a malerial effed on amounts or disd05ure5 in the financial statements. for instance through the imposition of fines or lrtigaiion. We Klentified the lolknvin9 areas as Ihose most likely to have such an effect. data protection and certain aspects of company legislotion. recognising the nature of the chantable company's aEtivrties. Audrting Stsndards limit the requiied audit procedures to idenify non-compliance with these laws and regulations to enquiry of the trustees and Olher managemefit and Insp.n of reyulatory and leg carrespondence. if any. Through these procedures. we did not become awa of any act¢Jal or suspected non- ¢ompfr"ance. Beca¢J5e of the inherent limrtatNJn5 of audrt. there Is a risk that we wll not delect all irregLJlaritie5. including those leading to a material misstslement In the financial statements or nOrcomplIance regulatn. This risk Increases the more that compliance wrth a law or regulaticm is MOve(l from the events and transactions fefl8cted in the rlnancial sfatements. as we WTII be s5 Iikety to become aware of $tanCeS of non-compllance. The risk Is also greater regarding irregulanties occurring due fraud rather than error, as frauij involves intentional concealment, forgery, collusion. omission or misrepresentation. A further descnpb'on of our responsibil((ies for Ihe audrt of Ihe financol stalements is kn¢ated on Ihe Financial Reporting Council's websrte at." wwM.Irc.or .uklauditorsre nsibilrties This description foms part of our audi$ report. Page 8
00cu& Envèlopè ID." 3QEOD55F-IOF7482848E7-17088B4EC253 Independont auditorfs report to the mern of The Reece Foundation (continued Use of our report This report is made sokty to the charrtable company's members, as a bod¥. in accordance wrth f.hAptpr 3 of Part 16 of the Coiiipdriies Act 20(L¥. Uur audit work has been undertaken so that we might State to the charitable companls members those matters we are rèqUId to stale to Ihern in an audilorfs report and for no other purp05e_ To the fUlst extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable cornpany and it5 members, as a body. for our audit work. for this POrt. or for the opinions we have fom)ed. Anne Hallowell Bsc FCA OChA IS•nlor Statutory Auditor For and on behalf of UNW LLP, Slatutory Auditor Chartered Accountants Newcastle upon Tyne 27 Seplember2023 Page 9
Dacu&gft ID. JOELX)55F.IOFI482&88E7.?7088Ec253 The Reece Foundation IA company limited by guarantoe) statement of financial activities (incorporating income and expendlture accounti For the year pnded 31 December 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Income from.. Donation5 and legacre5 Investments 565.000 189.872 195.263 195.263 Total Income 230.263 230,263 754,872 Expenditure on- Investment managemenl fees Chantable activities 193,653 8S8.798 193,653 8S8,798 204,344 2.563.4Q5 Total èxpenditure I.OS2.451 1,052.4S1 2.767.749 Net expenditure befoye net {lossesygalns on investments Net Ilossesllgains on investments 1822,1881 {7,1)60.4271 (822.1881 17.060.427) {2.Q12.8771 3.870.%)6 Net movement In funds 17.882.615} 17.882,615} 1.857.629 ROnc111aon of funds: Total brought lorward Net rnovement in funds 35.206,192 (7.882.615) 35.208.192 17.882,6151 33,348.563 1,857,629 Total funds carried foThvafd 27.323,577 27.323.577 35.206.192 The notes on pages 12 to 19 fom part of these fintial statements. Page 10
Docusign Envdope ID 3oE0055F.10F7482&B8E7.17088B4EC253 The Reece Foundation {A company limited by guarantee) Balance sheet As at 31 December 2022 2022 2021 Note Flxèd assèts Investments Programme related investments 24.681.879 35.369 32,489.575 4S,978 Total investments Current assets 24.717.248 32,539,553 Cash at bank and in hand 2.694.807 3,422.596 2,694.807 3.422.596 Creditors.. amounts falling due wjthin one yeai {88.4781 1755,957} Net currènt assets 2,606,329 2.666,639 Totsl asséts loss current Ilabilities 27.323.577 35.206, 192 Totsl net assets 27.323.577 35,206, 192 Charity funds Unrestricted fvnds 10 27.323,577 35.206.192 Total fund$ 27.323.577 35.206,192 The trustees acknowledge their responsibilities for cornpn9 vdth the requirefrents of the Act with respect to accounting records and preparatKbn of financial statements. The financi slaternenls have been prepared in accordance with the prowsions applicable to entities subject to tht Sm1 cc¥npanFes regwne. The financial slalemenls were approved and authori5ed for tssue by the truslees on 27 September 2023 and signed on their behalf by". •MWAB1FE420 A D Re•c• Registered number.. 06361547 The notes on page5 12 to 19 fotm part of these ffinancTr statements. Page71
DDCu$ Envel¥e10." 3QE05F-IoF748Z&B8E7-17O88BlEC2s3 The Reece Foundation IA company limlteij by guarnntsel Notes to the finan¢ial statements For the year gnded 31 Decémber 2022 Accounting policies 1.1 Bsi5 of wvparation of fM)anciaJ stabm•nts The fInanCj statements have been wepared in acco[dan wth the Chanties SORP IFRS 1021- Accounting ancl Reporting by Charibe5" Slaternenl of Recommended Piactice appluble to tharities preparing their accounts in accordance wrth the Financial Reporting Slandard applicable In the UK and Republic of Irend IFRS 1021 (effective 1 January 20191. the Finanual Reporting Standard applicable in the UK and Republ of Ireland IFRS 102) an¢J the Cwipans Act 2006. The financial statements are prepared in pounds stertiw¥J and are rounded to the nearest £1. 1.2 Company status The Foundation is a company limited by guarantee The members of the company are the trustees name on page 1. In the event of the Foundalion being wound up, the liability in respect of the guarantee 1$ limrf(e<l to £10 per member of Ihe Foundation. 1.3 Fund accounting General funds are unrestricted funds whlch are available for use at the discretion of the trustees in furtherance of the generaj objecttves of the charty arKI which have not been designated for other 1.4 Golng concern The Foundat holds substanlial investment assets bul maintains sufficient cash re5eNes to alk)w it to meet its ongoin9 COtllmitment5. Despite the volatilrty in the investment market dunng the year and since the year en¢J. the trustee5 have a reasonable expeciatson that th¢ charity ha5 adequate resources to Continue in ¢)perational existence for the foreseeable future. For th(s reason they continue lo adopt the going concern basis In ppanTrg the financial statewNent5. 1.5 Income Al inc(Hne is recognk8ed once the FoundatDn has entitkment trj tt)e income. it 18 probab th81 the will be receNed and the arThJunt of rncome re¢eiv3ble can be measured lab]y. Inco tsx recoverable in relatron to Ilonatks received under Gfft Ah4 or deeds of the covenant is recognised at th& time olthe donatn. Income tax recoverable in relation to investnnt Income is recogni5ed at the tirne the investment income Is rewvable. Page 12
Do¢u&gn Envelope ID 30EOOSSF-10F7482&B8E7-17088B4EC253 The Reece Foundation {A company Ilmltad by guarantee) Notes to the financial statements For the year ended 31 December 2022 A¢¢ountlng policie5 (continu} 1.6 Expenqiture Expendrture 15 recognised once there is a al or constructive obligation to transfer e¢onomic benefit to a third party. it is p(obab Ihat a transfer of economic benefrt$ will be requiFed In settleFnenl and the arnount of the obligats.on Can be measured reliably. All expenditure 1$ accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocatKJn lo activities. Where costs cannot be directly attmiuted to particular actNities they have been alkncated on a basis consistent wlh the use of resourGes. Charitabb actsvites incfude direct costs Inculred on the compan$ gr3n(-making apeTrtion$ and support costs incurred in running the ¢haiilable operations. Expendrture ¢>n raising funds indudes all expenditure inCued by the Foundation to raise funds for ils charrtable purposes and includes costs of all fvndiaising acltvrties events and non4harrtable trading. Grants payab are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expendrture when the condrtions attaching are fulfilled. Grant5 offered subject to conditions whh have not been met at the year end are noted as a commitment. but not accrued as expendrturè.. Support costs are those costs incurred directy in support of expenditure on the objects of the company, including those inculred in connection with the adminislratiori of the company and compliance with constitutiond and statutory requiremenls. All expendrtUTe is Induswe of IrTerLwerable VAT. 1.7 Intere receivable Interest on funds held deposit induded when r1Vable and the amount can be measured reliably by the Foundathjn." this is nomially upon notrficatron of the interest paid or payable by the instrtuti¢n with whcn the funds are deposrted. 1.8 P•nslons The Fondatn operates a defined contn"bution pension scheme and the pension charge represents the amourTrts payable by Ihe Foundation to the fund in respert of the year. 1.9 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequentty measuTed al fair value at the balance sheet date, unless fair value cannot be measured rdiably in whKh case (( is measured at cost less Impairment. Investment gain5 and losses, whether realised or unreiSed. are ryjfflbined and shown in the heading 'Net gainslllossesl on investments. in thè statement of financial aclNilies incofporating Income and expenditure a¢count. 1.10Cash at bank and in hand Cash at bank and In hand indudes cash and short4errn highly IKiuid investments with a short matunty of three months or less fr(yn the dale of acquisition or opening of the deFJOSit or 51milar aGcount. Page 13
Docus EThvdope ID. 30E0055F.10F7482&88E7-1708884EC253 The Reece Foundation {A company limlted by guarnnteel Notes to the financial stataments For th9 year ended 31 Decgmber 2022 Accountlng polleies Icontinuedl 1.11 Llabillties and provlsions Liabilities are recognised when the is an obligation at the balants sheet date as a result of a past event. it 15 probable that a transfer of econ(>mic benefil will be required in settlement, and Ihe amount of Ihe settkment can be estimated lIats. Liabilrties are recognised al the amounl that the FOundal)n anticipaies il will pay to Settle the debt or the amount it ha$ received as advanced payments for the gcA)ds or services it must provide. 1.12 Crltlcal accounn9 measures and areas oljudgement Estimates and judgements are continualty evaluated and are based on historical experience and other factors. including expeclations of future events that are befieved to be reasonable under the circumstances. In preparing these financtal statements the trustee5 do not consider there were any significant estimates 01 areas of judgement that were reqUId In appIng the companls accounting policies as set out above_ Income from donation5 and legacies Unr85tricted nds 2022 Total fvnds 2022 Total funds 2021 Donations 35,000 3S.000 565.000 Investment Income Unrestricted funds 2022 Total funds 2022 Total fund5 2021 Income frtsm listed Investments Loan tnterest Bank interest 188.985 1,027 5.251 188.985 1.027 5.251 187,995 1.147 730 195.263 195,263 189.872 Total 2021 189,872 1e9.872 Page 14
Docu&gn ErNelope10". 30E0055F-I(f7482&BBE7-17088B4EC253 The Reece Foundation IA company limited by guaranteel Note5 to the fiiiiiiiLial stateiiieiits For the year ended 31 December 2022 Analysis of •xp•ndlture by activities Grant funding of activities 2022 Support costs 2022 Totsl funds 2022 Total funds 2021 Grants awarded (note 5) 843.273 15.525 858.798 2.563.405 Total 2021 2.556.322 7.083 2.563,405 Analysi5 of support costs Total funds 2022 Total funds 2021 Staff costs Sundry expenses AtKIrt and professional fees 3,047 438 12.040 150 6,933 15.525 7,083 The statLrtory audit fee for the year ended 31 December 2022 Is £4.20012021 £3.8001. Page 15
Docu&gn En¥6lope ID". 30E0055F.1(F7482M8E7-17088B4EC253 The Reece Foundation IA comparty limlted by guarnnteel Notes to the financial statements For the year endod 31 De¢embgr 2022 Grants awarded Unrestricted funds 2022 Total fvnds 2022 Total funds 2021 Beamish Museum Creative Hut Innovate First Interrtional Kielder Observatory Mission Discovery National Trust NEIMME Nissan Northumbefland National Pa Newcastle Unrted Foundalkjn Newcastle Unwersity NorthumberLand Wikllife Trust Primary Engineer prrsramme Scoutek Ltd Starlight Education Suetsss4AII Teen Tech The Royal Grammar School The Sill Tyne Rlver Tvust Wesffidd School Other grarts (below £20.OIJ)I Grants from prior years r81eased 160,600 49,264 71.248 37,500 49.264 77,248 37,500 27.500 75.OOL) 100.000 75,000 100,000 100,000 64,000 100.000 21.193 50.000 125.038 110.000 21.193 50.000 125.038 110.000 22,400 2.018.800 25.OOCt 25.000 33.000 33.000 40.000 33.000 40.01)0 33,ODO 36.612 36,612 20,000 24,450 20,410 141.068 197.5101 24,450 20,410 141,068 197.5101 198.458 1271.4361 843.273 843,273 2.556.322 Pa9e 16
Do¢uSwn Env4ope ID.. 30E(M155F-10F7482&B8E7-170e8B4EC253 The Reece Foundation IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2022 Staff costs 2022 2021 Wages and salanes ContnbLrtion to defined conlribution pension sthemes 2,958 89 3.047 Orbe person was pknyed by the thatrtable company from December 2022 onwards. No empbyee receNed rewnuneration amounting lo more than £60.000 in either year. Fixed asset investments Llst investmerrts Co$t or valuation At 1 January 2022 Additiolls Disposals RevaluatDns 32,489,574 8.398.442 112.224.6SSI 13.981.481) Al 31 December 2022 24.681.879 N•t book valu• At 31 December 2022 24.681,879 At 31 December 2021 32,489.574 Payè 17
Dowsign Envelope 10" 30EQO55F-1LF7482&B8ET.1708884EC253 The Reece Foundation {A company Ilmlted by guarant•e) Notes to the financial statements For the year ended 31 December 2022 Programme related in¥•stments Programm8 relat in¥estments Total Cost At 1 Janyary 2022 Repayments 49,978 114,6091 49,978 114.6091 At 31 Decefflb•r 2021 35,369 35,369 Creditors: amounts falling due within on• year 2022 2021 Grants awaided bui not yet pa Accrua15 and deferred income 84.278 4.200 752,1 $7 3,800 88,478 755,957 Page 18
Oo¢uSgn Envelope ID.. 30Ews.1OF74&28-B8E7.j7088C253 The Reece Foundation {A company limited by guarantee Notes to the financial statements For the year ended 31 December 2022 10. Statement of funds Stat•m•nt of funds - current year Balanre at 31 D•c•mb•r 2022 Balance at I January 2022 Galnsl ILosse51 In¢om¢ Exponditure Unrestricted funds General funds 35,206,192 230.263 11.052,4511 17,060,427) 27.323.577 Statement of funds - prior year Balance at 31 D8cember 2021 Balince at 1 January 2021 Gainsl (Losses) Income Expenditu Unrestricted funds G8n*ral funds 33.348.563 754.872 12.767.749) 3,870.506 35.206,192 11. Grant commitments At 31 December 2022 the tw$tees had approved in principle grants totalling £2,028.500 12021.. £1,955.0001- These amounts have not been accrued within these financ1 statements as the conditions attached lo them have not yet been met, and as such the trustees have not fomialised the commitment. 12. Related party transactions There were no related party transclions in either pericxl. Page 19