Docus¥n Envelope ID.. fj8B336Ec-D1881l284D2988202 Registered number: 06361547 Charity number: 1121325 The Reece Foundation (A company limited by guarantee) Annual report 31 December 2023 A11
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01$j Ertvel) tD.. 688338ECj1BfA8lw1c84284Q29B82O2 The Reece Foundation IA company limited by guarantge Contents Page Reference and adminislralive details Trustees, report Trustees, responSibrtieS sLement Independent aLbJitorfs report Slalemenl of finanual &ts"vrties 10 Balance sheet Notes to the finanaal statements 12-20
Docuw9Tr ÉnYdope10". 6BB338EC.D1BW1041CB4284D29B8202 The Reece Foundation {A company limited by guarantee) Reference and administrative detsils For the year ended 31 December 2023 Trustees A O Reeee. Chair S P Gilroy E Morgan J Reece (resigned 23 February 2023) D R Sandba¢h P E O'connell Company reglslered number t361547 Charity registsred number 1121325 Registered office 40 Grosvenor Pl&e Jesmond Newcastle upon Tyne NE2 2RE Company secretary A D Reece Independent audltor UNW LLP Chartered Accountsnts ctygale St James. Boulevard Newcastle upon Tyne NE14JE
Docusign EnvelDpe ID". 68B336ECiIIB64811>81CB4281D29B82W The Reece Foundation IA company limited by guarantee) Trustees, report For the year ended 31 December 2023 The trustees present their 8nnu31 report together with the audbted financial $tstements of the Foundation for the 1 January 2023 to 31 December 2023. The annual report serves the purposes of both a trustees. report and a diredors, report under company law. The trustees confimi Ihat the annual report and financial statements of the charitsble company comply wrth the Current statutory requifemenls. the requirements of the Charitable c¢)mpanls goveming document and the provis)n$ of the Statement of Recommended Practice ISORPI applicable to charities preparing their a¢¢ounts in a¢cordan¢e with the Finanual Reporting Standard applicab in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Since the Foundation qualifies as small under section 382 of the Companies Acl 2006, the 51Tategic report required of medium an¢J large companies under the Companies Act 2006 Islrategic Report and Directors. Report) Regulations 2013 has been omitted. Objectives and activities Policies and objectives The primary aim of the Foundation is to award grants to organisalions and to diTtlY sponsor aclwites that will. in the opinion of the trustees, increase the long temi and sustainabbe Pfosperty of the North East of England primarily through the promotion of engineering and manufacluring. In particular we intend lo focus increasingty on the levels and amount of training in engineerirrfj related sklls througfhyjt thè region. Other projects which, in the opinTron of Ihe trustees. are beneficial lo the wellbeing of the region. or the country as a whole. particulaty Ihose assocoled with Ihe conseryatn ol land may also be 5UPPOrted. The Iruslees are aware of the Charity Commission's guhdance on public benefft and have Te9ard to rt when seleeting those Pfojects which receNe grant lunding. Achievements and perfomiance * Revlew of activities The Trustees continued to support many kYoiect$ throughout the year thal supported and encouraged young people in the region in their devdopment of engineering and technical ski115 and education. This included the support of regional competit in Vex and Lego roboli¢s which are enjoyed now by many kjcal schools. Several schools progressed lo national finals for whKh we provided travel bursary support and 2 local primary Schools got to the inlemational finals in USA for whith we again supported their travel costs. Thi5 was a fantastic achievement. A major new project supporting schools teaching in Maths and Physics was funded at Royal Grammar School Newcastle and Westfield School Newcastle. It is hcped this inrtialNe rf SueSsful will grow in the region. Other eilucational projects included the fvrther support of Villiers Park tuition and mentoring and Success For All education support work in the west End of Nelvcastle. as well as ntInuing funding of several innovative competitions al Newcastk Universty. Trustees supported further educalK)n work al both Beamtsh and Discovery Museums in particular the development ol a rnajor eXhibrtfi on energy development I'steam to Green. lal the Discovery Museum. 2023 saw the launch of the Ousebum Way Vish)n- a major new init4atNe aimed at bringing attention and funding to proled and enhance the unwjue resource of the Ousebum val. Bringing together 4 regional partners. Newcastle City Council, North Tyneside Council , Environment Agency and Northumbron Water the TTUStees hope to make a signrficant impad on the quality of the environment ahMg the valley both elogICal and cuttural lo provide a wonderful regional resource . The Foundation has pledged an initial sum of £1 milln to contribute lo this and forsee signifKant further furKJing from other sources in what wll be a 10 year programme al least.
DocusYJn En%loF4 ID.. 6ep336ECQ1e&481(l81C2e1o22I The Reece Foundation (A Company limited by guarantee) Trustees, report (continued) For the year ended 31 December 2023 Achievements and perfornlance (eontinuedl The current priorities are water quality. especialty the cessallon of sewage discharge into the river, the provision of a walkway and cycle route throughout the valley and the Thwovement of the ecology of the valley as a wildlrfe Trhlor. Finan¢lal review • Reviewof the year The Foundation awded grants dvring the year whth resutted in a dthil befo revaluation of investments of £1,444,353 12022." £822.1881. Expendrture is in line wth twstees expedion$ and the intention is th the Foundation distributes its assets over a 10-year period. • Reserves policy As at 31 December 2023.. the Foundation hokls reserves of £28.437,627 {2022.. £27,323,577). Of"Ihese, £26,977,96812022.' £24,681.8791 is invested for the longer temi lo provide a retum for the Foundatson in future years, with a further £21,353 {2022.. £35,369) held as prograrnme related investmen15. Remaining total 'free' unrestncled reserves of £1,357,074 12022.- £2,606,329) represent approximately one year of charitable expenditure held as cash. and hs therefore not al risk of the fluctuations in investment values. The trustees believe these reserve5 are sufficient to support grants as they are agreed and other costs as they arise. * Going Concern After making appropri*e enquir$. the trustees have a reasonab expe¢tation Ihol the Foundation has adequate resources to ¢¢)nb"nue in operational e$tenCe for the foreseeable future. For this reason. they continue to adopt the gng ¢on¢em basis in Pfeparing the fina131 statements. * Plans for future periods During 2024 and beyond the trustees will continue lo seek high proffle projects wihin the regKJn that promote eduealion and careers development in STEM subjects.
Dow$rgn En¥dope ID". eBB336EC.D1B&481L181C20l029b8202 The Reece Foundation IA company limited by guarantee) Trustees, report (continued) For the year ended 31 December 2023 Structure. gov•rnanu and man•gwn•nt * Constitution The Foundation 1$ constituted as a cc¥npany Iwnited by guarantee wa$ in¢orporaled on S September 2007. It is a registed charity number 1121325. In the event of a wnding up. every member who is a trustee. undertakes lo contribute to the payment of kabi1rt such anKiunt as may be required not exceeding the totsl of £10. • Methods of appolntment or eledion of trusto0s New liustees are appointed by existing trustee$. They all receive induction to the roles and responsibilities of trustee and ongoing training based upon their indNidual needs. • Organisational structure and d8cision-fflaking policies AN decisions regarding the management of the assets of the FOundn and the awarding of grants are made collectively by the Iruslees. * Investment policy and performance The Foundation seek5 to mMIse ils income from ils asset base through a mixture of longer term investment in caprtal markets and short term bank deposits. wht minimising its exposure to risk. The trustees will keep On9n9 investment perfomiance under rewv4V. • Rlsk management The trustees have assessed the major risks to which the Foundation is exposed and a satisfied that systems and prccedures are in place to mrtigate those major risks. The principal risk is considered to be the management and perfomiance of the investment assets, which is mitigated through the use of prOfeSonal investment managers who report regulady lo the l¥ustee$. Di$¢losure of information to auditor Each of the persons who are trustees at the ts.me ¥then this trustees. report vs approved has confimied that.. $0 far as that trustee 4$ •4¥are. the is no levant audrt infomiation of whh the charty's audrtor is unaware. and th trustee has taken all the steps that ought lo have been taken as a trustee in 0er to be aware of any relevant audrt infomiatK>n and lo establish that the chanlvs audrtor is ware of that informatKJn. Approved by order of the members of the board of trustees on 26 September 2024 and svJned on their behalf by.. •8DPJEWIFE421... A D Reece (Chair of Trustees)
DocJJs1gn Èn¥elcge ID.. 6B8336Ecl81O1¢B42o4D2$B82O2 The Reece Foundation IA cofflpany limit•d by guaranle•) ststement of trustees. responsibilities For the year ended 31 December 2023 The Iruslees (who are also the directors of the Foundation for the purposes of company law) are responsible for preparing the Iruslee5' report and the financial statements in accordanee with applThble Law and United Kingdom Accounting Standards (Unrted Kingdom Generalty Accepted Accounting Practice). Cornpany law reqvires the trustees to ppare fina181 stalewents for each financial. Under company law, the trustees must not approve the financial ststements unless they a sat15fied that they give a true and fair of the slate of affairs of the Foundation and of rts incoming resources and apl¢alKIrt of resources, including rts income and expendrtUTe, for th penod. In pparing these financial $tstemenls. the trustees are required to.. select suitable accounting pok'cies and then appty them consistentl. observe the methods and principles of the Chanties SORP IFRS 1021.. makè judgments and accounb.ng estimes that are reasonab and prudent.. stste whether applicable UK A¢countsng Standards IFRS 1021 have been foll¢)wed, subject to any material departures disclosed and explained in the financial swemenls., prepare the financial slalements on the going concern basis unless rt is inappropnate to presume that the Foundatson will continue in busine5S. The trustees are responsible for keeping adequate accounting records that are sufflent to show and explain the Foundation's transactions and di5ciose with reasonable Sccuracy al any lime the financial posi(ion of the Foundation and enable them lo ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for tsking reasonabte steps for the prevention detection of fraud and other irwularit*s.
Docusign Envelcyelo.. 6BB336EC-D1W81fy81C84284D29B8202 Independent audltorfs report to the members of The Reece Foundatlon Opinion We have audrted the financial statemenls of The Reece Foundation {the 'Foundation'l for the year ended 31 December 2023 which compnse the statement of financial xtNrties, the balance sheet and the related notes, including a summary of snIficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom AontIng Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicabk in the UK and Republic of Ireland. Iunited Kingdom Generally Apted Accounting Prath"cel. In our opinion the fmancial statement5.' gNe a true ar fair view of the state of the charilable c1)mpanS affairs as at 31 December 2023 and of its incoming resources and application of resources, including ils income and expendrture lor the year then ended., have been properly prepared in accordance with Uniled Kingdcw Generaly Accepled Accounting Practice., and have been prepared in accordar1 7Mth the wuirements ofthe Companies Act 2006. Basis for opinion We conduded our audrt in accordance with InlematK)nal Standard5 on Audrting IUKI {'ISAs {UKI'I and applicable law. Our responsibilrties under those standards are further described in the 'Audilorfs responsibilities for the audit ol the financial slalements. section of our report. We are independent of the charttable company in accordance wrth the ethical requirements that are relevant lo our audrt of the financial slalements in the United Kingdom, including the Financial Repo"ng Counufs Ethul Standard. and we have fulled our other ethical responsibilities in accordance wrth these reqU1MentS. We believe that the audit evidence we have obtained is sufficient and appropriate to prowde a basis for our opinion. Conclusions relating to going ¢on¢em In auditwig the ffinanci statements, we have nCluded that the trustees. use of the gIng concern basis of accounting in the preparation of the financial statements is appropriate. Based on the worf( we have perfomwl, we have rKJt identffi material uncertainties relating to events or conditions that, indMduaI or eollectNety, may cast SignifnI doubt on the charitabk wmpany's ability lo continue as a gng Conrn for a peiiod of at least h¥elve months from when the financial statements are authorised for issue. Our responsibilrties and the responsibilitS of Ihe trustees wlh respect to going concem are deribed in Ihg relevant 5ection5 of thi5 report.
Docusign Envelope ID." 8B8336E&0186481fh81CB428I02988202 Indepondent auditofs report to the Members of The Reece Foundation (Continued) Other Infomiation The other information comprises the infomiation included in the annual report other than the financial stslements and our auditofs report thereon. The trustees are responsible for the other infomialron contained wrthin the annual report. Our opinK)n on the financial 51alemenls does not cover the other information and. except to the extent otherwise explicitty 5tsted in our report, we do not express any forrn of assurance conclusion Ihereon. Our responsibility is to read the other lrtformalron and. in dorng so. considef whether the other trtfomalion is materially inconsistent wrth the financial slalemenls or our kt)owledge obtained in the course of the audrt, or otherwise appears lo be fflalerialty misstated. If we Klenlfy such material inconsistencies or apparent material misstalemenls, we are required lo delemine whether this gives rise to a material misslalement in the financial slalemenls themselves. If, based on the woth we have performed. we conclude that there is a material misstalemenl of thi5 Other information. are required to report that fact. We have nothing to report in this regard. Opinion on olher mattws prnS¢r1b by the Companies Ad 2006 In our opinion, based the work undertaken in the course of the aud the information given in the Irustees. report for the ffinancial year for whith the financial slalemenls are prepared is consistent wth the financ1 ststements_ the trustees, report has been prepared in accordance with ¥pluble legal requirements. Matters on which arn required to report by exception In the light of our knowledge and understanding of the charrtable company and rts environment obtained in the course of the audit, we have not Klenlffied rnaten misstatements in the trustees. report. We have nothing to report in SpeCt of the folkwing mattets in relath)n to which Conywbies Act 2006 requires us to rewt lo you rf. in our opinn= adequate accounting records have not been kept. or tm$ adequate for our audit have not been received from bran¢hes not visrted by us.. or the financial slalements are not in agreement wrth the aecounling records and relums.. or eertain disclosures of tru5tees' remuneration speCrf by law are not made,. or we have not received all the infornation and explanations we require for our audit., or the trustees weie not entitled to Prepa the financial stalements in accordance wrth the small ccnpanies regime and take advantage of the small companies. exemptsons in preparing the tru5tees' report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the Irustees. responsibilities ststement, the Iruslees (who are also the directors of the charitable company for the puwses of company Lqw) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for sueh inlemal control as the trustees determine is necessary to enable the preparatth of financial slalements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial stements. the tnjslees are responsibk for assessing the charitable companls ability lo continue as a gng coneem, t1isdosing, a5 applicab, matters related lo going concem and using the going ¢oncem basis of SountIng unless the Iruslees erther intend lo INJuidale the charilablg company or to cease opwaltons. or have no reaistK altematNe but to do so.
Docu5vJn En¥eknF¢ ID: 68B336EC-D186481MICB4284D29882W2 Independent auditorfs report to the members of The Reece Foundatlon (contlnued) Auditorfs responsibilities for Ihe audll of the financial statements Our objectives are to obtsin reasonable assurance about whether the financial ststemenls as 8 whole are free from material misslalement. whether due to fraud or error, and to issue an audilorfs report th includes our opinion. Reasonable assurance is a hKah level of assurance. but is not a guarantee that an audit conducted in a¢cordance wth ISAS IUKI will ay$ detect a merial misslalemenl when rt exists. Misslalements can arise from fraud or error and are Conside material rf, indNidually OT in the aggregate. they could reasonably be expected lo influence the economi¢ decISn$ of users tsken on the basis of these financial slalement5. ITgUlar$. induding fraud, are instances of non-complonce with laws and Tegulations. We design procedures in line with our responsibilities. ouuined above. to detect material mi5slalements in respect of irregularrties, including fraud. The extent to which our procedures are capable of detectin9 IrregularitS. including fraud is detailed bel¢)w.' We idenlrfied areas of law and regulations that couhj reasonabty be expected to have a material effect on the financial stements from our general 8nd sector experience and through discussions with the trustees and other management las required by Audrting Standards) and from inspection of the charitable company's legal correspondence. and we discussed with the tIU51ees and other management the policies and procedures regaiding compliance with law5 and regulats"ons. We communicated idenlffjed laws and gUlationS throughout our team and remained alert lo any indications of non<cvnpliance throughout the audit. Firstty, the charitsble MpanY is Subject lo and reguLIts'ons that directly affect the ffinancial statements including financial reporting legislatn {including rekited companies and Charities legislation) and taxation le9islalion and we assessed the extent of cOmplnce these laws and regulalions as part ol our procedure5 on the related financol statement rtems. Secondly the charrtable company is suty'ect to many other laws and reguLAtions whwe the consequence5 of noncomplian could have a material eftect on amounts or di$dosures in the financrdl statements, for instance through the imposition of fines or lits"gation. We identified the folkwing areas as those most likely to have such an effect.. data proteclion and certain aspects of company legislation. recognising the nature of the charitable company's acltvities. Auditing Standards limit the required audit procedures lo identify non-compliance with these laws and regulations lo enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. Through these edUreS. we did not become aware of any actual or suspected non- compliance. Because of the inherent limitations of an audit, the is a risk that we will not deleet all irregularrties, including Ihose leading lo a material misstatemenl in the financial stslemenls OT nonrycompliance th regulation. This risk in¢8$e$ the more that compliance th a law or reguLition is removed from the events and transactions iefle¢ted in the financial stements, as we will be $$ Iikety lo become aware of instances of non-compliance. The risk is also gater regarding irregularrts occurring due to fraud rather than error, as fraud involves intentional Concealment. forgery. Collusion. unission or mIsrepresenLn. A further de$¢ripts'on of our responsibilrtos for the audit of the financial 51alernentS 15 located on the Financial Reporting Councifs websbte at." V*VM.frc. .ukJaudilors nsibilrties. This descrylton fonns part of our audilo¢s report.
DoCUgTh Énvdcye ID." 6BB338É1a848Im)2&o29B8202 Independent auditorfs report to the Members of The Reece Foundation (continued) Use of our report Thi$ report is made solely to the charrtable companls members. as a bo(ty, in accordanee with Chapter 3 of Part 16 of the COmpanS Act 20(6. Our audit work has been urKlertaken so that we rnighl slate to the charitable companYs members those matters we are required to state lo Ihem in an audilorfs report and for no other purpose. To the fullest extent permitted by Iww. we do not accept or assume responsibility lo anyone other than the charitable company and its members. as a b. for our audit work, for this report, or for the opinions we have formed. Anne Hallowell 8Sc FCA OChA {Senior Statutory Auditor) For and on behalf of UNW LLP. Statutory Auditor Chartered A¢¢ounlants Newcastle upon Tyne 26 September 2024
Docus#Jn ETh ID.. 68B336EC.D1BW1fy81C8428402988202 The Reece Foundation IA company limited by guarantee) Statement of financial activities (incorporating income and expenditure account For the year ended 31 December 2023 Unreslricted fund$ 2023 Total funds 2023 Total fvnds 2022 Note Inc¢)me from: Donations and legaues Investments 35.000 195.263 308.737 308,737 Total income 308.737 308,737 230.263 Expenditure on: Raising funds Charitable actniities 172.030 1.681.060 172,030 1.581.060 193.653 858.798 Total expendlture 1.753.090 1.753.090 1.052.451 Net expenditure before net gainsl{losses) on Investments (1.444.353) 11.444.353) 2.558.403 2.658.403 (822,1881 (7,060,427) Net gainslllosses) on investments Ngt mo¥gm•nt in funds 1.114.050 1,114.050 17,882,615) Reconciliation of funds: Totsl funds brought forward Net movement in fund5 27.323,577 1.114.050 27,323,577 1,114,050 35,206,192 17,882,615) Total funds carried forward 28.437.627 28.437,627 27,323.577 The notes on pages 12 10 20 fom part of these ffinancial stslements. 10
DocusvJn En¥eW10.. 688336EC-D1BW1fy81CB4284D29B8202 The Reece Foundation IA company limited by guaranteel Balance sheet As at 31 December 2023 2023 2022 Note Fixed ass?ts Investments Progrwmme related investments 26,977.968 21.353 24,681.879 35.369 Total investments Currenl assets 26.999.321 24,717,248 Debtors Cash at bank and in hand 10 6.078 1 A38.397 2.694.807 1.444.475 2.694,807 Credrtors.. amounts falling due within one year 16.1691 188,4781 Net ¢urr•nt assets 1,438,306 2,606,329 Total a$sets less current IlabllitA8s 28,437.627 27.323,577 Totsl net assets 28.437.627 27.323,577 Charity funds Unrestricted funds 12 2B.437.627 27.323,577 Total funds 28,437.627 27.323,577 The trustees acknrywledge thwr responsibilities for WnPlTra th the requirement5 of the Act with resped to accounting records and preparation of financial statements. The financial ststemgnl$ have been prepared in accordance with the prowsions applicable to enliliès subject to the small companies regime. The financial statements were approved and aulhorised for issue by the trustees on 26 September 2024 and signed on their beha by.. A D R8ecg Registered number. (6361547 The notes on pages 12 10 20 fom) part of these financial statements.
DocuskJn En¥eloFe10'. 6B8336EC-D18fA81M1C84284D2988202 The Reece Foundation IA company limitsd by guarant•e) Notes to the financial statements For the year ended 31 December 2023 Ac¢ountlng pollcles 1.1 Basis of preparatlon of financial statem•nts The financial slalemenls have been prepared in accordance with the Charitte5 SORP {FRS 102) - Accounting and Reporting by Chanb"e5- Stement of Re¢ommended Prade applicable lo chanties prepaTing their accounts in accordance b¥ith the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffe¢tNe 1 January 2019), the Financial Reporting Standard applicable in the UK and Republ of Ireland (FRS 1021 and the Companies Act 2006. The financial statements are prepared in pounds slerfing and are rounded lo the nearest £1. 1.2 Company slatus The FOundatn is a company limited by guarantee. The members of the company are the trustees name on page 1. In the event of the Foundation being wound up. the IBbilty in respect of the guarantee is limrted to £10 per member of the Foundation. 1.3 Fund a¢untIng General funds a unrestricted funds which are available for use at the discretion of the trustees in lurtherart¢e of the genefal obje¢tNes of the charity and which have not been designated for other purposes. 1A Going ¢on¢em The Foundation hokJ5 sub5tankn.al InvestinI assets, but maintsins sufficient cash reserv05 to allow it lo meet ils ongoing comrnilments. The tfU$tees have a Teasonable expectation that the Charity has Jequale resources to continue in operatKJnal exÈstence for the foreseeable future. For this reason they continue to adopt the going concem basis in preparing the financial statements. 1.5 Income Al income is recognised once the Foundation has entillemenl lo the income. it ts probable th81 the income will be received and the am(wnt of income recewable can be measUd reliably. Income tax recovefable in rd&on to ()nations recewed under Grft Aid or deeds of the covenant is recc#3nised at the time of the donatKIn. Income tax recovwable I) relalion lo investment incc¥ne is rec()Jnised at the time the investment income is receivable. 12
Oocy5v4n Énvthpe ID.. 6BB336EM1818IcB4284D29B6202 The Reece Foundation (A company limited by guarantee Notes to the financlal ststements For the year ended 31 December 2023 Accounting poll¢les (continued 1.6 Expenditure Expenditu is e0gniSed once there ts a legal or construdive obligslKJn to transfer economic benefit lo a third party, it is probable that a transfer of economic benefrts will be required in settlement and the amourrt of the oblwation can be measured relrably. All expenditure is accounted for on an accruals basis and has been included under expense egorie5 that aggregate all costs for albcalion to acINrtS. Where costs eannol be direetly attnvuled lo particular activities they have been allctated on a basis con515tent with the use of resources.- Charitable aclNrtes indude direct c051s incurred on the companjls grant•making operations and support costs incurred in running the charitabl8 Operatns. Expendrture on raising funds includes all expendrture incuThed by the Foundation to raise funds for ils Charitable purposes and includes investment management costs. Grants payable 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 att¥hing are fulfilled. Grants offered $ubje¢t to conditions vthi¢h have not been met al the year end are rted as a nmitmenl, but not accrued as expendjture.. Support costs are those costs inCued directly in support of expenditure on the objects of the company. including those incurred in connects'on wlh the administratson of the ¢7panY and compliance wrth constitutwal and statutory requirements. All expen¢Jiture is inclusNe of irrecoverable VAT. 1.7 Int¢r•st r1Vabl• Interest on funds hekl on dep)$it is Ijed when recewable and the amount can be meaSUd reliably by the Foundalron." this 1$ nomially upon notsfKatson of the interest pawj or payable by the instsiution wth whom the fvnds are deposited. 1.8 Pensions The FourKlalion operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Foundation to the fund in reSt of the year. 1.9 Investments Fixed asset investments are a fomi of financial instrument and are initially recognised al their Iransaction cost and subsequentty measured at fair value at the balance sheet date, unless fair value cannot be measured relL4bty in which case it is measured at cost less impairment. Inveslrnenl gains ?d losses, whether realised or unrealised. are combined and shown in the heading 'Nel gain51{lossesl on inveslmenls, in the statement of financial activities incorporating incorne and expenditure aw?WbL 1.10 Debto Trade and other debtors are rwnised at the setdement amount after any trade discount offered. Prepayments are valued at the amount Prepaid net of any trade discounts due. 13
Do$n Enlope ID.. 688336EC.D1e&481m1C284D2s882o2 The Reece Foundation IA company limit8d by guaranteel Notes to the financial statements For the year ended 31 December 2023 A¢countlng pollcles {contlnu¢dl 1.11 Cash at bank and In hand Cash at bank and in hand includes cash and short4erm highly liquKJ investments with a short maturity of three months or tess from the dale of acquisrtion or opening of the deposit or similar account. 1.12 Liabilities and provisions Liabilities are recognised when there is an obligalK•n at the balance sheet date as a result of a past event. it is probable that a transfer of eConCniC benefrt will be required in settlement, and the amount of the settlement can be estimated relbly. Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount rt has received as advanced payinents for the gcods or sel¢e$ rt must prtsve. 1.13 Cviti¢al a¢¢ountlng measures and are*s of judgement Estirnales and judgements are conlinualty evaluated and are based on historical eXpernCe and other factors, including expectats.ons of future events that are betieved to be reasonable under the circwnstances. In preparing these ffinanCl stateffts the trustees do not consider there were any signrficant estimates or areas of judgement that were reqUId in apptw.ng the companls accounting policies as set out above. Income fr¢)m donations and legacles Unrestricted funds 2023 Total funds 2023 Total funds 2022 DonalKJns 35,000 14
Docu$KJn Envelope10". 6BB336EcTBvA01M1Ce4D25882o2 The Reece Foundation IA company limitod by guarantee) Notes to the financial statements For the year ended 31 December 2023 Investment Income Unrestri¢led funds 2023 Total funds 2023 Total fvnds 2022 Income from listed investments Loan interesl Bank interest 305.832 1.620 1.285 305,832 1,620 1,285 188,98S 1,027 5,251 308,737 308.737 195,263 Total 2022 195,263 195,263 Expenditure on raising funds Costs of raising voluntary incom• Unrestricted lunds 2023 Total fund$ 2023 Total funds 2022 Investment management fees 172.030 172,030 193.653 Total 2022 193,653 193,653
Docusign En¥elope ID.. sBB336EC1e6481ty8l¢84?slD2ge82OI The Reece Foundation (A company limited by guarantee> Notes to the financial statements For the year ended 31 December 2023 Analysis of expendlture by activities Grant funding of xtivities 2023 Support costs 2023 Total funds 2023 Total funds 2022 Grants awaided (note 61 Project launch costs 1.509.286 13,734 58,040 1,567.326 13.734 858,798 1,523.020 58,040 1,581.060 858,798 Total 2022 843.273 15.525 858.798 Analysis of support costs Total funds 2023 Total funds 2022 Staff costs Sundry expenses Audit and professiona fees Website and PR costs 36,566 4,247 6.685 10.542 3.047 438 12.040 58.040 15.525 The Stslulory audit fee for the ended 31 December 2023 is £4.45012022.. £4.2001. 16
DoDJsign ID.. 6BB336EC-018&481fy81C84284029B82(r2 The Reece Foundation (A company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2023 Grants award VnTe5tricted funds 2023 Total fund5 2023 Total funds 2022 Beamish Museum Creative Hut Discovery Museum Durham Universrty Innovate First Internatic1 Kielder Observalory Maggies Centre, Freeman Ho¥ital Nional Litsracy Tw$t National Trust NEIMME 120.000 21,510 70,834 20,000 39,981 37,500 50.000 34.999 75.000 120.000 21.510 70.834 20.000 39.981 37,500 50,000 34,999 75,000 49,264 77,248 37,500 75,000 100,000 Newcastle Eagles Newcastle United FoundalK Newcastle UnNersity Northumbedand Wikfiife Trust 39.800 52.699 35.000 181.410 85.000 235.0¢)0 39.800 52,699 35.000 181.410 85.000 235.000 21,193 50,000 125,038 110,000 Primary Engineer programme Royal Z¢)ob)gical Socth Swtland Starfight Education Success4AII The Royal Grammar Sch1 Tyne River Trust Univer&ty of Sheffield Universty of Sunderland Villierfs Park Westfield School Other grants (below QO.000) Grants from prior years released 33.000 40,000 36,612 24,450 40.000 83,165 40.000 83,165 34,000 25.000 70.000 34,000 26,000 70,000 20.410 141,068 (97,510) 239,620 181,2321 239.620 181,2321 1.509,286 1,509.286 843,273 17
DoDJwn Envepel0'. 6B8336ECIJ1B6481fk81CB4284D2986202 The Reece Foundation IA company limited by guarantee) Notes to the financial ststements For the year ended 31 December 2023 Staff costs 2023 2022 Wages and salaries Contribution to defined eonlributs.on penSn schemes 35,501 1,065 2,958 89 36.566 3,047 One person was employed bythe ch*itable company frcAn December 2022 onwards. No employees receNed iemunernkn.on amounts.ng to nK•re Ihan £60,000 in erther year. 2023 2022 No. AdminislratNe Flxed asset investments Listed investments Cost or valuation Al 1 January 2023 Additions Disposals Revaluations 24.681.879 1.380,214 {1.$77.2211 2A93,096 Al 31 Deeember 2023 26,977,968 Net book value At 31 December 2023 26.977.968 At 31 December 2022 24,681.879 18
DOsIgn ID." 688336ÉGDIBw11c842O4D29b82D2 The Reece Foundation {A company limitod by guarantee) Notes to the financial ststements For the year ended 31 December 2023 Programme related investments Programme related investments Tolal Cost Al 1 January 2023 Repayments 35,369 114,0161 35.369 114.0161 At 31 Docember 2023 21,353 21.353 10. Debtovs 2023 2022 Due within one yeav other debtors Prepayments and accrued income 3.047 3,031 6,078 11. Credito. amounts falling withln one year 2023 2022 Grants awarded bul not yet paid Accnjals and deferred income 84,278 4.200 6.169 6,169 88,478 19
Da¢%sign E10* ID." 688336EGo1BfA81IC8424DB2O2 The Reece Foundation IA company limited by guarantee Notes to the financial statements For the year ended 31 December 2023 12. Statement of funds Statement of funds- current year Balance at 31 Do¢ember 2023 Balance at 1 January 2023 Gainsl {Lossesl Income Expenditura Unrestrlcted funds Geneial fvnds 27.323.$77 308.737 11.753.090) 2.558,403 28.437.627 Statement of funds- prior year 8alance at 31 December 2022 Balan at 1 January 2022 Gainsl (Losses) Income Eypendrture Unrestricted funds General funds 35.206.192 230.263 11,052.4511 {7,C60,4271 27.323,577 13. Grant commitrnents At 31 December 2023 the trustees approved in Prinaple grants lolalling £2,883.400 12022.. £2.199.4101. These amounts have not been accrued wrthin these financial slalements as the conditions attached lo them have not yet been met, and as such the trustees have not fomialised the ¢ommrtmenl. 14. Related paty transacllons There were no related party Iransclh?ns in either peric#l. 20