Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
Registered number: 06361547 Charity number: 1121325
The Reece Foundation
(A company limited by guarantee)
Annual report
31 December 2024
Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details | 1 |
| Trustees' report | 2 - 4 |
| Trustees' responsibilities statement | 5 |
| Independent auditor's report to the members of The Reece Foundation | 6 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 - 20 |
Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Reference and administrative details For the year ended 31 December 2024
Trustees
A D Reece, Chair
E Cornish (appointed 21 October 2025) T Courtney (appointed 21 October 2025) S P Gilroy
E Morgan (resigned 17 June 2025)
P E O'Connell (resigned 17 June 2025)
D R Sandbach
Company registered number
06361547
Charity registered number
1121325
Registered office
40 Grosvenor Place Jesmond Newcastle upon Tyne NE2 2RE
Company secretary
A D Reece
Independent auditor
UNW LLP Chartered Accountants Citygate St James' Boulevard Newcastle upon Tyne NE1 4JE
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Trustees' report For the year ended 31 December 2024
The trustees present their annual report together with the audited financial statements of the Foundation for the 1 January 2024 to 31 December 2024. The annual report serves the purposes of both a trustees' report and a directors' report under company law. The trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Foundation qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic 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 organisations and to directly sponsor activites that will, in the opinion of the trustees, increase the long term and sustainable prosperity of the North East of England primarily through the promotion of engineering and manufacturing. In particular we intend to focus increasingly on the levels and amount of training in engineering related skills throughout the region.
Other projects which, in the opinion of the trustees, are beneficial to the wellbeing of the region, or the country as a whole, particularly those associated with the conservation of wild land may also be supported.
The trustees are aware of the Charity Commission's guidance on public benefit and have regard to it when selecting those projects which receive grant funding.
Achievements and performance
Review of activities
The trustees continued to support many projects that support and encourage young people in the region in their development of engineering and technical skills. This included the support of regional competitions in Vex and Lego robotics. Several schools progressed to national finals for which we provided travel bursary support and 3 local primary schools got to the VEX international finals in USA - for which we also provided travel cost support. This was a fantastic achievement and a wonderful and stimulating experience for all the pupils involved.
Teaching support for Maths and Physics was provided to several secondary schools in the region. The aim is to improve the achievement level in both these subjects in both GCSE and A level and thereby enable more young people to progress to university in technical subjects like Engineering. The region has historically underperformed in these subjects. This is a long term project currently undertaken by the RGS and Westfield schools and impact will be closely monitored.
Other educational projects included the continuing support of Villiers Park tuition and mentoring – again with the aim of helping more pupils to progress to University, as well as continuing funding for schools programmes at Beamish museum, Discovery Museum and Newcastle United Foundation.
Teacher development was funded through both Primary Engineer CPD programmes and Teach First – enabling more teachers in the region to take on further professional training.
The innovative Hadrian’s Wall nature recovery project at Northumberland National Park ended successfully with the award of government funding for another 2 years to continue the development of a nature recovery strategy in this iconic landscape. Nature in the City, delivered by Northumberland Wildlife Trust, delivered a series of nature-based activities to urban based schools and community groups.
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2024
Achievements and performance (continued)
2024 saw the development of the Ouseburn Way Vision. Bringing together 4 regional partners, Newcastle City Council, North Tyneside Council, Environment Agency and Northumbrian Water, the trustees hope to make a significant impact on the quality of the environment along the valley both ecologically and culturally to develop a unique and stunning regional resource. The Foundation pledged an initial sum of £1 million, and we have spent about £100k of this in the first year. A project manager has been appointed to develop further funding proposals and funding will be sought from other agencies in what is expected to be at least a 10 year programme.
The current priorities are water quality, especially the cessation of sewage discharge into the river, the provision of a walkway and cycle route throughout the valley and the improvement of the ecology of the valley as a wildlife corridor.
The trustees continue to seek ambitious and innovative projects that will enhance the education skills and employment prospects in the region and improve the natural environment for the benefit of all.
Financial review
Review of the year
The Foundation awarded grants of £1,256,278 (2023: £1,509,286) during the year which resulted in a deficit before revaluation of investments of £1,167,985 (2023: £1,444,353). Expenditure is in line with trustees expectations and the intention is that the Foundation distributes its assets over a 10-year period.
Reserves policy
As at 31 December 2024, the Foundation holds reserves of £30,163,662 (2023: £28,437,627). Of these, £28,862,409 (2023: £26,977,968) is invested for the longer term to provide a return for the Foundation in future years, with a further £5,717 (2023: £21,353) held as programme related investments. Remaining total 'free' unrestricted reserves of £1,295,536 (2023: £1,438,306) represent approximately one year of charitable expenditure held as cash, and is therefore not at risk of the fluctuations in investment values. The trustees believe these reserves are sufficient to support grants as they are agreed and other costs as they arise.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Plans for future periods
During 2025 and beyond the trustees will continue to seek high profile projects within the region that promote education and careers development in STEM subjects and improve the environment and access to green and natural spaces.
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2024
Structure, governance and management
Constitution
The Foundation is constituted as a company limited by guarantee and was incorporated on 5 September 2007. It is a registered charity number 1121325. In the event of a winding up, every member who is a trustee, undertakes to contribute to the payment of liabilities such amount as may be required not exceeding the total of £10.
Methods of appointment or election of trustees
New trustees are appointed by existing trustees. They all receive induction to the roles and responsibilities of a trustee and ongoing training based upon their individual needs.
Organisational structure and decision-making policies
All decisions regarding the management of the assets of the Foundation and the awarding of grants are made collectively by the trustees.
Investment policy and performance
The Foundation seeks to maximise its income from its asset base through a mixture of longer term investment in capital markets and short term bank deposits, whilst minimising its exposure to risk. The trustees will keep ongoing investment performance under review.
Risk management
The trustees have assessed the major risks to which the Foundation is exposed and are satisfied that systems and procedures are in place to mitigate those major risks.
The principal risk is considered to be the management and performance of the investment assets, which is mitigated through the use of professional investment managers who report regularly to the trustees.
Disclosure of information to auditor
Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that:
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so far as that trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and
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that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
Approved by order of the members of the board of trustees on 29 October 2025 and signed on their behalf by:
A D Reece
(Chair of Trustees)
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Statement of trustees' responsibilities For the year ended 31 December 2024
The trustees (who are also the directors of the Foundation for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
Independent auditor's report to the members of The Reece Foundation
Opinion
We have audited the financial statements of The Reece Foundation (the 'Foundation') for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
Independent auditor's report to the members of The Reece Foundation (continued)
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
Independent auditor's report to the members of The Reece Foundation (continued)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
We obtain and update our understanding of the charitable company, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the charitable company is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
Based on our understanding of the charitable company, we identified that the principal risks of non-compliance with laws and regulations related to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, pension legislation and UK tax legislation. In addition, the charitable company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines and litigation. We considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements and we have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We also evaluated managements’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate entries to manipulate financial results and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
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Inquiry of management and those charged with governance regarding actual and potential litigation or claims as well as whether they have knowledge of any actual, suspected or alleged fraud;
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Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Reviewing meeting minutes to identify reported frauds and any potential non-compliance with laws and regulations; and
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Challenging assumptions and judgments made by management in their significant accounting estimates and evaluating whether there was any evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
Independent auditor's report to the members of The Reece Foundation (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Anne Hallowell BSc FCA DChA (Senior Statutory Auditor) For and on behalf of UNW LLP, Statutory Auditor
Chartered Accountants Newcastle upon Tyne
29 October 2025
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) For the year ended 31 December 2024
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 15,158 361,283 376,441 188,180 1,356,246 1,544,426 (1,167,985) 2,894,020 1,726,035 28,437,627 1,726,035 30,163,662 |
Total funds 2024 £ 15,158 361,283 376,441 188,180 1,356,246 1,544,426 (1,167,985) 2,894,020 1,726,035 28,437,627 1,726,035 30,163,662 |
Total funds 2023 £ - 308,737 308,737 172,030 1,581,060 1,753,090 (1,444,353) 2,558,403 1,114,050 27,323,577 1,114,050 28,437,627 |
|---|---|---|---|
The notes on pages 12 to 20 form part of these financial statements.
10
Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Balance sheet As at 31 December 2024
| 2024 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Investments | 8 | 28,862,409 | 26,977,968 | |||
| Programme related investments | 9 | 5,717 | 21,353 | |||
| Total investments | 28,868,126 | 26,999,321 | ||||
| Current assets | ||||||
| Debtors | 10 | 13,481 | 6,078 | |||
| Cash at bank and in hand | 1,288,929 | 1,438,397 | ||||
| 1,302,410 | 1,444,475 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 11 | (6,874) | (6,169) | |||
| Net current assets | 1,295,536 | 1,438,306 | ||||
| Total assets less current liabilities | 30,163,662 | 28,437,627 | ||||
| Total net assets | 30,163,662 | 28,437,627 | ||||
| Charity funds | ||||||
| Unrestricted funds | 12 | 30,163,662 | 28,437,627 | |||
| Total funds | 30,163,662 | 28,437,627 |
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the trustees on 29 October 2025 and signed on their behalf by:
A D Reece
Registered number: 06361547
The notes on pages 12 to 20 form part of these financial statements.
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements are prepared in pounds sterling 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 Foundation being wound up, the liability in respect of the guarantee is limited to £10 per member of the Foundation.
1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
1.4 Going concern
The Foundation holds substantial investment assets, but maintains sufficient cash reserves to allow it to meet its ongoing commitments. The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
1.5 Income
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of the covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
12
Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
1. Accounting policies (continued)
1.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attrivuted to particular activities they have been allocated on a basis consistent with the use of resources.
Charitable activites include direct costs incurred on the company's grant-making operations and support costs incurred in running the charitable operations.
Expenditure on raising funds includes all expenditure incurred by the Foundation to raise funds for its 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 expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Support costs are those costs incurred directly in support of expenditure on the objects of the company, including those incurred in connection with the administration of the company and compliance with constitutional and statutory requirements.
All expenditure is inclusive of irrecoverable VAT.
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.8 Pensions
The Foundation operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Foundation to the fund in respect of the year.
1.9 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Net gains/(losses) on investments’ in the statement of financial activities incorporating income and expenditure account.
1.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
1. Accounting policies (continued)
1.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.13 Critical accounting measures and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In preparing these financial statements the trustees do not consider there were any significant estimates or areas of judgement that were required in applying the company's accounting policies as set out above.
2. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations | 15,158 | 15,158 | - |
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
3. Investment income
| Unrestricted funds 2024 £ Income from listed investments 353,644 Loan interest 903 Bank interest 6,736 361,283 Total 2023 308,737 |
Total funds 2024 £ 353,644 903 6,736 361,283 308,737 |
Total funds 2023 £ 305,832 1,620 1,285 |
|---|---|---|
| 308,737 | ||
4. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2024 £ Investment management fees 188,180 Total 2023 172,030 |
Total funds 2024 £ 188,180 172,030 |
Total funds 2023 £ 172,030 |
|---|---|---|
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
5. Analysis of expenditure by activities
| Grants awarded (note 6) Project costs Total 2023 Analysis of support costs Staff costs Sundry expenses Audit and professional fees Website and PR costs |
Grant funding of activities 2024 £ 1,256,278 5,550 1,261,828 1,523,020 |
Support costs 2024 £ 94,418 - 94,418 58,040 |
Total funds 2024 £ 1,350,696 5,550 1,356,246 1,581,060 Total funds 2024 £ 36,564 41,972 7,698 8,184 94,418 |
Total funds 2023 £ 1,567,326 13,734 |
|---|---|---|---|---|
| 1,581,060 | ||||
| Total funds 2023 £ 36,566 4,247 6,685 10,542 |
||||
| 58,040 |
The statutory audit fee for the year ended 31 December 2024 is £6,000 (2023: £4,450).
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Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
6. Grants awarded
| Unrestricted funds 2024 £ Beamish Museum 79,900 Creative Hut - Discovery Museum - Durham University - IET Faraday Challenge 33,600 Innovate First International 109,407 Kielder Observatory 100,000 Maggies Centre, Freeman Hospital 50,000 National Literacy Trust - National Park 83,000 National Trust - Newcastle Eagles - Newcastle United Foundation 80,761 Newcastle University 54,860 Northumberland Wildlife Trust 85,821 Ouseburn Farm 25,000 Primary Engineer programme 60,000 Royal Zoological Society - Royal Grammar School 33,042 Sheffield University 39,000 Small Piece 26,075 Smile for Life 25,000 Success4All - The Royal Grammar School - University of Sheffield - University of Sunderland - Villier's Park 73,738 Walker School 50,000 Other grants (below £20,000) 247,074 Grants from prior years released - 1,256,278 |
Total funds 2024 £ 79,900 - - - 33,600 109,407 100,000 50,000 - 83,000 - - 80,761 54,860 85,821 25,000 60,000 - 33,042 39,000 26,075 25,000 - - - - 73,738 50,000 247,074 - 1,256,278 |
Total funds 2023 £ 120,000 21,510 70,834 20,000 - 39,981 37,500 50,000 34,999 - 75,000 39,800 52,699 35,000 181,410 - 85,000 235,000 - - - - 40,000 83,165 34,000 25,000 70,000 - 239,620 (81,232) 1,509,286 |
|---|---|---|
17
Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
7. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes Administrative |
2024 £ 35,499 1,065 36,564 2024 No. 1 |
2023 £ 35,501 1,065 36,566 2023 No. 1 |
|---|---|---|
No employees received remuneration amounting to more than £60,000 in either year.
8. Fixed asset investments
| Cost or valuation At 1 January 2024 Additions Disposals Revaluations At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Listed investments £ 26,977,968 4,206,037 (5,602,638) 3,281,042 |
|---|---|
| 28,862,409 | |
| 28,862,409 | |
| 26,977,968 |
18
Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
9. Programme related investments
| Programme related investments £ Cost At 1 January 2024 21,353 Repayments (15,636) At 31 December 2024 5,717 Debtors 2024 £ Due within one year Other debtors - Prepayments and accrued income 13,481 13,481 |
Total £ 21,353 (15,636) |
|---|---|
| 5,717 | |
| 2023 £ 3,047 3,031 |
|
| 6,078 |
10. Debtors
11. Creditors: amounts falling due within one year
| Other taxation and social security Accruals and deferred income |
2024 £ 1,327 5,547 6,874 |
2023 £ - 6,169 |
|---|---|---|
| 6,169 |
19
Docusign Envelope ID: F4DFFF9F-6BD2-4A73-9E8E-FF41FA896ACC
The Reece Foundation
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
12. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2024 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 28,437,627 | 376,441 | (1,544,426) | 2,894,020 | 30,163,662 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2023 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General funds | 27,323,577 | 308,737 | (1,753,090) | 2,558,403 | 28,437,627 |
13. Grant commitments
At 31 December 2024 the trustees had approved in principle grants totalling £3,403,300 (2023: £2,883,400). These amounts have not been accrued within these financial statements as the conditions attached to them have not yet been met, and as such the trustees have not formalised the commitment.
14. Related party transactions
There were no related party transctions in either period.
20