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
C￿tygate
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 p￿sent 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 S￿0￿ 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 Obl￿tIVeS
The primary aim of the FoUndat￿n 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 ttr￿Se ass()ciated wrth the Conservation ofwikj land may also be supported.
The trustee5 are awa￿ of the Chanty CoMmiss￿n,$ 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 ￿e￿terIouS 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 ￿Mpets￿9 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￿ add￿Onal teaching and mentoring in
maths and physics to talen1￿ local pupiLs trom state S￿C￿5. We have a150 continued wrth our 6th form
Page 2

Docu&gn ETr￿ope 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
bU￿rIeS 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 e*Lension 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 FoUndat￿n awarded grants during the year which resuhed in a def￿t 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
eduE*ion 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.
I￿A*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 Practi￿1.
Company law requires the trustees to prepare finanual ststements for each financ￿1. Under company law, the
trustees musl not approve ltte financial statements un￿sS 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 un￿S it is Inappropriate to presume th81 the
FOundat￿n 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 Financ￿1 Rèporting Standard applicab￿ in the UK and Republic of I￿18￿￿, 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 applK*ion 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$is for opinion
Vve conducted our audrt in ￿C{)rdance with lntemab.onal Slandards on Auditing IUKI I'ISAS IUKI'I and applicable
law. Our iesponsibi15ts8s urKler those standards are further desertbed in the'Audifor's responsibilittes forthe audit
ol the financial statements, Section of our report. We are independent of the charrtable company In accordance
with the ethiGg1 requirernents that are relevant to our audrt of the financral statements in the United Ktngdom,
includin9 the Financial Reporting Council's Ethical Standard. anij we have fu￿lIe<l our other ethical
responsibilities in accordance w((h these wuirements. We believe that the audrt eviden￿ we have obtained is
suffIc￿nt appropriate to prowde a basis for our opinion.
Conclusions relating to going concem
In au(Iiting the financial statements. we have concluded that the Irustee5' Use of the going concem basis of
accounting In the Preparat￿n of the finanaal statements is apprtspnate.
Based on the work we have perfom)ed. *E have twt Identthed any matefial uncertainiies relat1ng to events or
conditions that, Indi¥idu81ty or collectively. rnay cast signffjcant (Joubt on the charitable company's abilrty lo
continue as a goin9 concern for a period of at least tsEfve months from when the financial slatement$ are
authorised for Issue
Ouf responsibilities and the respon5ibilrties of the trustees resped to going concem are described In the
rélevant sect￿n$ 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 financ￿1 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 COMpan￿S 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 InforMat￿n 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 satiSf￿d 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 appI￿ab￿, 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" 30E￿S5F-10F7482￿￿8EF-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 a￿ayS detect a material misstaternenl when it ex15ts MI55tateff￿nls 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 deS￿n pr(Kedu￿$
in line With our respons*bilities, 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 regulat￿n$ 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 prO￿dureS
regarding compliance wrth laws and reguL31￿￿s. 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 ￿lsIat￿n (including Telated companies and charities legislationl and taxation
legislat￿n and we assessed the extent of compb.ance with these Jaws and reg￿lOn$ as part of our procedu￿5
on the related finan￿al 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 nOr￿complIance regulat￿n. 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 rèqUI￿d to stale to Ihern in an audilorfs report and for no other
purp05e_ To the fUl￿st 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.?7088￿Ec253
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
R￿Onc111a￿on 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 fin￿tial 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 cornp￿n9 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 Sm￿1 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$￿ Envel¥e10." 3QE0￿5F-IoF748Z&B8E7-17O88BlEC2s3
The Reece Foundation
IA company limlteij by guarnntsel
Notes to the finan¢ial statements
For the year gnded 31 Decémber 2022
Accounting policies
1.1 B*si5 of wvparation of fM)anciaJ stabm•nts
The fInanC￿j statements have been wepared in acco[dan￿ wth the Chanties SORP IFRS 1021-
Accounting ancl Reporting by Charibe5" Slaternenl of Recommended Piactice appluble to tharities
preparing their accounts in accordance wrth the Financial Reporting Slandard applicable In the UK
and Republic of Ire￿nd IFRS 1021 (effective 1 January 20191. the Finanual Reporting Standard
applicable in the UK and Republ￿ of Ireland IFRS 102) an¢J the Cwipan￿s Act 2006.
The financial statements are prepared in pounds stertiw¥J and are rounded to the nearest £1.
1.2 Company status
The Foundation is a company limited by guarantee The members of the company are the trustees
name on page 1. In the event of the Foundalion being wound up, the liability in respect of the
guarantee 1$ 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 p￿panTrg 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 Ilonatk*s received under Gfft Ah4 or deeds of the covenant is
recognised at th& time olthe donat￿n.
Income tax recoverable in relation to investn*nt 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 inCu￿ed 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 wh￿h 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 r￿1Vable 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 whc*n the funds are deposrted.
1.8 P•nslons
The Fo￿ndat￿n 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 unre￿iSed. 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 accoun￿n9 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 reqUI￿d In appI￿ng 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 Interr￿tional
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.j7088￿C253
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 financ￿1 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