Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Fi.'IlJ;'-i(_-.I'atl;, jri Annual Report and Financlal Statements 30 June 2023 Charlly Regi$lrotlon Nuft*er 1136337 Company Liniled by Guarantee Registration numbor 07226633 (England and W8kg81 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Contents Report5 Reference and administrative information about the charity and Its advisers overnors, annual re ort ru rnan ndm iv iv nvestment activit erformanc ancial vi Independent auditor's report 13 Flnanclal statements 16 17 18 Principal accounting policies 19 22 Richard Reeve's Foundation Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Reference and admlnlstratlve infomiation about the charity and its advisers Registered Company Number: 07226633 Registered Charity No: 1136337 Board of Governors.. Ex-officio111: Rev Nicholas Mottershead Nominated by the Churchwardens of Eliiabeth Gallagher the Eccleslastlcal Parish of St Sepulchre-without-Newgate ITerm 4 yearsl (21.. Nominated by the Council of MrGeraldRothwell Almoners of Chrisys Hospital 121.. (Term 4 years) Mr Ben Monaghan Nominated by the Corporation of the Mr lan Seaton- City of London111: (Term 4 yearsl Nominated by the Councll of the M5 Tracey Shackle Ireslgned 20 lune 20231 London Borough of Camden 111: (Term 4 years) Nominated by the Council of the MsGulclnOzdemlr London Borou8h of 1s1ington Ill.. (Term 4 years) Co-opted.'151 (Term 5 years) Mr Mark Jessett (Chairman) Mr Alistair Wilson Mrs Charlotte Hilton Clerk and Company Secretary: Frances Wells Istrawberry Hill Consultlngl Registered Office: 20-22 Wenlock Road, London, Nl 7GU Audltor." Menzies LLP MAGNA HOUSE 18-32 LONDON ROAD STAINES-UPON-THAMES, TW18 4BP Richard Reeve's Foundation I Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Reference and administrative information about the charlty and Its advlsers Bankers: Lloyds Bank 1st Floor 39 Threadneedle Street London EC2R 8AU Nationwide BS Kings Park Road Moulton Park Northampton NN3 6NW Solicitors: Investment Property adv5ce: Charlty advice: IBB Solicitors Capital Court 30 Windsor Street Uxbridge Middlesex U88 IAB Womble Bond Dickinson LLP 4 More London Riverside London SEI 2AU Investment adviser5: Waverton Investment Management Ltd 16 Babmaes Street London SWIY 6AH Investment property advlsers: Avlson Young UK LLP Becket House 36 Old Jewry London EC2R 8DD Richard Reeve's Foundation 2 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Govemors, annual report 30 June 2023 Governors, annual report The Board of Governors, who are the trustees of Richard Reeve's Foundation, for the purposes of charity law, present their annual report with the financial statements for the year ended 30 June 2023. This has been prepared in accordance with Part 8 of the Charities Act 2011. The report is also a directors, report required by 5415 of the Companies Act 2(K)6. All of the Governors are also directors of the charitable company for the purposes of company law. The financial statements have been prepared in accordance with the accounting policies set out on Pages 19 to 21 of the attached financial statements and comply with the charitable company's governing document, applicable laws and 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 United Kingdom and Republic of Ireland IFRS 1021, effective from accounting periods commencing l January 2015 or later. Structure, Governance and Management Legal status Richard Reeve's Foundation is a charitable company limited by guarantee, incorporated on 17 April 2010 and entered on the Central Register of Charities on 14 June 2010. It was established as the Trustee of the Richard Reeve's Endowment, the assets of which originated from a charity founded in 1706 by the will of Richard Reeve when he died on 31 August 1702. While the area of benefit has been expanded, from the original parish of St Sepulchre to encompass the City of London and the London Boroughs of Camden and Islington and the objects have been amended and restated, Richard Reeve's original Intentions are still the guiding prlnciples for all the 8rant-making of the Governors today. The governing document is named Article of Association. Board of Governors The Foundation's current Articles of Association state that the Board of Governors shall comprise not more than thirteen persons: one Ex-officlo Governor belng the Rector for the time being of the Ecclesiastical Parish of St. Sepulchre-without-Newgate or otherwise the principal officiating Minister for the time beSng of the church of St Sepulchre in the City of London,. two Governors nominated by the Churchwardens of the Ecclesiastical Parish of St Sepulchre-without-Newgale,' two Governors nominated by the Councll of Almoners of Chrlst's Hospital; one Governor nomlnated by the Corporatlon of the Clty of London,. one Governor nominated by the Council of the London Borough of Camden,. one Governor nominated by the Council of the London Borou8h of Islin8ton and not more than five co-opted Governors. The Governors confirm that they have given due consideration to the Charity Commission published guidance on the operation of the Public Benefit requlrement. Since the company qualifies as small under section 382 of the Companies Act 2006, the strategic report require of medium and large companies under Companies Act 2006 Istrateglc Report and Directors Report) Regulations 2013 has been omitted. Richard Reeve's Foundation 3 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Governors, annual report 30 June 2023 Structure, Governance and Management Irontl All nominated Governors are appolnted for a term of four years and Co-opted Governors for a term of five years. General responsibilities of Governors are considered to be.. l. Strategic- defining and approving the Foundation's Mission in accordance with the charitable objects set out in its articles of association, strate8ic direction and aims, arriving at appropriate policy decision5 to take them forward and evaluating performance against agreed targets,. 2. Stewardshlp- to have responsibility for the Foundation's assets, their preseThation and exploitation and assessment of risks,. 3. Monitoring - to oversee the effective management of the Foundation and Its servlces. Includlng the appointment of employee5 and external advisors,. Promotion and advocacy of the Foundatlon to external clients, partners and stakeholders and fostering relationships with grantee organisations,. 5. Governance ensuring that Governor business is conducted effectively and that recommended good 80vernance Is followed,. 6. Attendance- the Board meets at least twice a year. Governor selectlon process When a vacancy exists, the Chairman and other members of the Governance Committee, considers the skills and personal profile that would best contribute to the need5 of the Foundation. The Governors who served during the year and since the year end are listed on page l. Governor IndurtSon and tralnlng The Foundation recognises that new Governors must be made aware of Its charitable purposes, modu5 operandi, plans, problems and challenge5. All new Governors, Ico-opted, Nominated, Ex-officiol receive an induction pack of key documentation and are invited to a briefing meeting with the Chair of Governors or Clerk before their first Board meeting. All Governors are required to confirm their eligibility to act and the Foundation maintèlns a Register of Interests updaled annually - to ensure any conflicts of Interest are identified. Where it would be helpful, other steps such as the provision of training andlor the appointment of another Governor to act as mentor, may be taken. Attendance at external training event5, where these will facilitate their responsibilities as Governors, is also encouraged. Key management personnel The key management personnel of the Foundation In charge of directlng and controlling the Foundation on a day-to-day basis comprise the Governors. No Governor receives any remuneration from the Foundation. Richard Reeve's Foundation 4 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Governors, anntsal report 30 June 2023 Structure, Governance and Management Icontl Management Traditionally the Board has three princip31 Committees to better discharge functions relating to the administratlon and management of the Foundation: l. Investment & Flnance Commlttee- The purpose of thls Committee Is to advise the Board of Governors on the financial health of the charity, oversee the effective utilisation of the Foundation's financial and property assets, consider the adequacy of risk management as well as have responsibility for the external audit. 2. Grants Commlttee - Its purpose is to advise the Board of Governors on the Foundation'5 grant-making priorities and the strategy employed to achieve them agree the main terms of each grant award, monltor and evaluate progress and achievements and mana8e the implementation of the a8reed strate8y. 3. Governance Commlttee Its purpose is to keep under review the governan¢e arrangements of the Foundation and ensure that the Foundation has a governance structure that is appropriate. The Committee meets as and when necessary. 4. Other sub-committees and working 8roup5 are constituted on an ad-hoc bèsi5 as required. Operational Risk managemenl The Foundation maintains a risk register which is reviewed annually by Governor5 and updated as necessary. Governors are satisfied that appropriate mechanisms are in place to minimise and mitigate the main operatSonal and business risks. The Grants committee maintains a risk register in respect of indlvidual grants. The Foundatlon's financial controls have been reviewed and necessary procedural changes taken to mitigate identified risks. The Governors have managed the investment and property transactions so as to maintain grant makin8 capability and ensure sufficient reserves to meet commltments. The Investment & Finance Committee review5 the risk re815ter annually and report5 to the Board annually. The two most significant risks identified by the Foundation and the plan for tackling these are.. l. Grant-making There may be u reputational/delivery risk to the Foundation if grants poid ore misopproprioted by the recipients ond do not reoch thelr intended beneficlaries, or If the funded programmes/proJectsfJil to deliver their expected outcomes, particularly in light of the increase in gront5 which is expected os part of the new 9ront-making strategy. This risk is mitlgated through maintaining stron8 relationships with 8rant recipients and requiring regular reports from reclpients on the activities undertaken, as well as seeking involvement and 'buy-in' from the end-user5 and beneficiaries of the grants. The risk is further mitigated by the establishment of the Grants Committee which ensure better ongoing scrutiny of funded projects and the delivery of agreed objectives in a timely fashion. 2. Income levels from investments (property, stock morket and coshj being significantly lower tht7n budget OS L7 result of a mojor economic ondfinonciL71 crosh over o prolonged period impticting the Foundation's obillty to meet gront Commitments. This is mltigated by having a suitably diversified portfolio of investments managed professionally, together with an appropriate reserves policy, and by ensuring income forecasts are not over-optimistic when constructing budgets. Richard Reeve's Foundation S Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Governor5, annual report 30 June 2023 Objectives and activities The objects of the tharity are.. To advance or assist in the education or care of Benefitiaries, either individually or collectively, in particular (but not exclusively) by.. awarding to beneficiaries, exhibitions, bursaries, grants and maintenance allowance5 tenable to any school, universlty, college of education or other institution of further lincluding professional and technlcall education approved for the purpose by the Governors,. assisting beneficiarles to train or equip themselves for a trade, profession, service or other occupatlon whereby they may support themselves,. providing or asslstlft8 in the provision of facilities for education, leisure-time activities, help or training for beneficiaries,. iv. assisting any school, college or other educational establishment attended by Beneficiaries which is conducted by 3 charity or is wholly or partially supported from public funds,. assisting other charlties or voluntary orEani52tions which provide or which undertake in return to provide facilities for education, care, help or training for Beneficiaries. The Foundation's beneficlarles are children and young persons of not more than 25 years of age who are in need of financlal assistance and: who or whose parents live or work, or formerly lived or worked in the area of benefit. or who ore student5 of, or have been accepted as students of, educatlonal Instltutions In the area of benefit,. provided that in special cases persons of not more than 40 years of age who are otherwise qualSfled may be deemed to be beneficiaries for the purposes of these presents. Area of beneflt The Richard Reeve's Foundation's area of benefit is the London Boroughs of Islington and Camden and the City of London. Activities Grant maklng. The Foundation seeks to fulfil its charitable objects by making grants to educational projects that support young people in our area of beneflt who are In financial hardship. The pandemic has continued to exacerbate the issues facing those in financial hardship. Lost learning time in the classroom has affected the financially disadvanlaged hardest, increased the attainment gap and further diminished opportunities in education and beyond. The Foundation seeks to address some of the Issues faced by those In firbancial hardship by funding a small number of partner organisations and schools to deliver projects of value for our beneficiaries through education and training. Projects may be funded for up to three years where appropriate to increase effectiveness and impact. Financial Hardship is defined as children eligible for Free School Meals IFSMI. Richard Reeve's Foundation 6 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Governors, annual report 30 June 2023 Achievements and Performance The Foundation awarded grants totalling £1.338.719122 £1,170,582) an Increase of £168,137 on the previous year The fund5 were able to benefit the students and families at 42 different primary schools, and 29 secondarylfurther educatlorb colleges. The Foundation has estimated there are 19,000 potential beneficiaries aged 5-18 in education within the area of benefit that meet our qualifying criteria. There continues to be a greater number of potential beneficiaries than the Foundation has the means to support, however the Foundatlon has been able to Increase the grant spend and based on reports received from partner schools, was able to offer support to over 5,000 young people or 29% of potential beneficiaries. The projects funded are designed with the aim to help children and their families in a meaningful way by providing financial bursaries, access additlonal learnlng and strengthened links between school and home as outlined below. Famllysupport The funding of Child and Family Support Worker5 15 a long-standing programme that helps build and strengthen community1Snks together with the school. The Foundation renewed this programme for another three years starting September 2022 and increased the number of schools with this resource to 13. The work include5 direct support to both the child and their family, bu51ding ¢lose relationships with the most vulnerable. This includes helping famllies with acces5 to outside agencies to help wlth housing issues, social and mental health services and access to food banks and voucher schemes. A key aspect of the work Is almed to improve attendance and SL¢PPOrt both child and family with their mental health which has continued to be an ongoing problem since the school closures during the pandemic. In addition, children are supported on a one-one basis with a focus on reading, social and emotional well-being and challenging behaviours,. or helping those who are having difficulties making / keeping friendships. Schools in the programme have noted how vital this role is for their families,. as one school noted; '7hL? I'*CILh of Ity?p] role ip('.: e.kl?allLipcI .bince the lts¢t report li? KebrUoff￿. 202J she hns rii(?re tnun Iloiibied the Un?L7L1l7￿ QJ WGrk'rno wirk, ￿Cr¢s5 *17e rfrclerJ.. .'Gn. sne hos l)ui,'° ",hp.fjn[Limili*s. .%,• Trip i.-F5',V i?rJ.f Pikiiied& c.ri in?nCJl'i ont p-jr r8.qJ?•.nsv ILI Lead&PYS i7L7ve bpei-, bt'r jrkiJ',4 CIO.)¥.li' ¥¥,;'*h i&J:-enl£ "he i(>C.,?J il'y -0 impi'.ThiJÉ, tne)P k?tip.', oltpi?doi r¥e. i-ki jr 15 4eoiiitJiiia t- 13th:'e LiÉi jnrJL7Ct, Litit le.?Jers ne*d t) iryu.ke attendonf.e rp.T.Ilill¢ LT pfrL?rifr! so tl!(7t (Ill r.'Ipii£ £Ptter.?.%C.￿OL.I 05 reguloi'ly rJq tnerf Sr?r)ts,Id. The overall spend for this project Wa5 £272,255 which enabled the staff to directly help 4fK) children in the school setting as well as 750 families helped with language, welfare and social issues across the 13 schools. This will increase for FYE 24 as two additional schools have been awarded a grant to hire their own CFSW. Richard Reeve's Foundation 7 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Governors, annual report 30June 2023 Achievements and Performance (cont) Tuitlon Programmes GSCE Maths - Following positive feedback of pllot project to support ffve secondary sthools to wlth targeted ond intensive maths tuition to eligible students in years 9, 10 and 11, the Foundation expanded this programmè to nlrbe secondary schools in the year ending 2023. The programme aims to address the gap in maths achievements, where those from a disadvantaged background do not perform as well as their peers at all grade levels. This intensive maths tuition was able to 5UPPDrt nearly 600 students from di53dvantaged backgrounds with the aim of improving all participating students grades by I grade from their year 10 projection. One Camden school commented- 'Ple￿Se tlioi?,k the bc)ui'dfur g1kn7llt￿1￿g L's tfrie fiii}iV:'fi!? ns l 4tseJ It iT7oue L7 bi(J iifjerence. Tne Students jeel thev huve a go tu pe,"so,'i 411111 s.ek he,. JLlt tcl cis.k herloi" 0dvp￿e to Ljet >upport Year 5 Ilteracy and numeracy - The Foundation continued the Year 5 tuition programme started in 2021 providing small group tutoring in English and Maths to disadvènlaged students. Se5slons are run by school staff or experienced volunteers via a not.for-profit tutoring agency. This was established in response to the schools providing booster sessions in the prior year as a result of the lost learning, and schools advise that the impacts of Covid are still being felt In this year group. This has allowed schools to provide more dedicated tutorin8 that might otherwlse be unavailable to this group of chlldren. Schools were funded to run out of hours small group literacy and numeracy sessions for year 5 students who are eligible for free school meals. Over 6,000 hours tutoring were dellvered to over 600 pupi15 across 38 schools. Feedback from schoo15 Was very positive.. Winton twt wos to e,?stii-e t.bal' oiir diisDdv.?.. *uL?.?W &JiJpiIs iiLlied -,he .uupi ¥vith t,18ii' ijeers. LIisLYilvnritry&ieL. p, Pl.i. (jL,'Otp yi'er,'!Ip':4a,';?I'.."I f, wnirli htip nic leni n. I tfriinK I've r&'nilV improve4 iii Eng,,: -,n lii>caase l +.lini( i77.ure cur¥+iliii nbc?ul ,4ow i rtprlLe ryy.fenten-. CJ. ST LL4kes "All iniiCiI"eii iYiil.'e iom.rnei?Èg￿ 0,1 hov,: l.he Lloo". ,'a1/e liod a ilClJ. vp iri-lpoi-l Jiri their q regarri Èiepn a£ilE t.I I'EVislt ri IILept> -.u ni. be ("L7Lifjht 4ie4V rgfi,-"jlt.- kno". vwould Iirepafc tIILJl7., fo,- f,'iiL4,'e leLifi7ino. Cive,"gll tl",c F_flw ts':;iun prlJgf*roi'n',￿P Iiffi< ha4 ci Yo.4it.,V. jifdLliR LTr￿ Il?p .'ri*lfJre17's leJrnirlg. tr'illiam Tyndnle 'ThilS terix, !'Èhe &r?glisl7 'eqrLIoilK 0&7ef4 clny ¢(?>l) &*l?Ll r.-ItrLI eX-Jpy?inoilO.'Is iijcki as tlie L,Y.4Tfoi'rnv 11.vii.'ersltv bijt towardcp17kJjl?L7.lor uni OLllSe. "l a,w Ver￿ gi'gte,,,.. or 1.4e oi'(7Jl', < I ho￿1? 1 LL.eii'r."d J roni. I,4e Ricl'pQl-,d A￿eve5 FoL'iiIJL7fj(!-.P. ILib'¥ , n increase 01 £300,281. Operating costs (excludin8 investment mana8emeni fees) of £57,778 la Small decrease due to chan8e of auditorl ond enabled the Foundation to restrict the operating cost ratio to 3.6Y.12022..4.4Yol. Investment Management costs also remained fairly static and totalled £101,95212022'. £100,805). Thi5 resulted in total expenditure on costs with a small increase to £159,73012022'. £158,889) reflecting tight control and monitoring by the Governors. This left £1,451,47712022.' £1,152,037) available for grant giving. A full listing of grants awarded in the year is shown in note 4 of the flnancial statements. The Foundation awarded net grants totalling £ 1,338.719..12022.. £1,170,581> durin8 the year. The freehold interests in 40 Beak Street and 1-3 Upper James Street, London were valued by Avison Young UK LLP, Chartered Surveyor5 and International Property Consultants, as External Valuers as at 30 June 2021. The Governors have assessed the market, the ongoing rents achieved and have concluded that due to increases in interest rates there would be a 3% drop in value and the properties were valued at £5,450,000 and £5,700,000 respectively as at June 30th 2023. Note The 2021 valuations were prepared on the basis of Fair Value and in accordance with the requirements of the RICS Valuation- Global Standards 2017. Richard Reeve's Foundation io Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Governors, annual report 30 June 2023 Flna ncial review Icon il Reserves policy Governors are tolerant of temporary fluctuations in capital values but they monitor short term cash flow in order to meet operating expenses and optimise the level of grants. The Foundation's ability to operate and its grant making capability are wholly dependent on income from investments. In order to continue to operate effectively, the Governors consider that they should maintain free reserves of £200,000. The Governors have agreed that the free reserves will be held on ijeposit or In other readily-realisable short- term investments. At 30 June 2023, the free reserves of the Foundation stood at £2,542,93812022'. E2,430,1821. Thls is in excess of the level required by the reserves policy and has Increased this year due to the higher than expected investment income. Grant giving Increased by £168,137 in the current year and the Governor's plan to expend the cumulative surplus over the next few years. Investment pollcy The Foundation has been a grant.makinB body since 1706 and the Governors wish to maintain its long-term grant-making ability in real terms. The investment policy is therefore structured towards this aim. In recent years Governors have taken measures to diverslfy bsset allocation, which was previously dominated by a small number of direct property holdings. Grants are paid out of investment income earned on our endowment. The Governors appoint and delegale management of the bulk of their non.property investment portfolio to authori5ed investment managers. Where the Governors delegate their investment powers their objective is to maintain the capital value and income of stock market investments in real terms and thSs will be measured on a five-year timescale. In any one year, the Governor5 prefer to keep any variation In income to within + or -10%, due to their grant-making obligations. Some investment may be made directly by the Investment & Finance Committee subject to Board approval. The Governors appoint property and legal advisers, as required, to assist them in the management of specific issues relating to the Foundation's investments or other activities. The Foundation does not have an ethical investment policy but Governors are mindful of the Foundation's origins in a Christian tradition, which will continue to influence decision-maklng. This Policy has been established under the powers given to the Governors by the Truslee Act 2000 and any investment managers appointed will be made aware of this fact and of their obligation to fulfil the Governors statutory duty of care. A proportion of our resources that may be needed for immediate working purposes, together wlth the free reserves, is held In Ilquid assets and kept under revlew by the Foundation's Investment & Finance Committee. The investment managers report quarterly to Governors and the Investment & Flnance Committee regularly review their performance. The Governors revlew the Foundation's investment policy annuallv. The Governors are targetinE an inltlal income yield of 3Yo whSch Is expected to grow over time. It is expected that the fund's total return should match or exceed ihe change in the Consumer Price Index plus 4% measured over rolling five-year periods. The Foundation has a medium to high tolerance for risk of capital over the longer temi providing its annual Income targets can be met within the parameters shown above. Future Plans The Foundation has agreed the funding plans for the next year and will continue with the following grant themes il Tuition schemes, ill GCSE Mdths sUPPOrt iiil Bursaries as well as the smaller grants of books and Christs Hospital. The Foundation has significant reseryes which it will use to provide additional funds to support these programmes. Richard Reeve's Foundation 11 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Govern9ri' ann'i41 ofi 30 Juir a ?O£_ an I'evlew I iontl fvundr?4sing nts r4nd does nol undpi r preparing Lhe Go".rno', s, rtD(i..t fiii 3nrial Starts￿- is in aLC9rda,-,c8 oJ.'th a?pl:', Idw and l.lryited Kingdorr, Ai.counting Jtandards ILlp.it d K i&e..om G&nora ly AciLpted Accountin# gracticel. Corripany Idiv reqLiirps the Ciuvernors tu prep2re filiancidl statervienls for i.ach iinancial vear which giii¢. a trup aiid i 41". b'lew cil tlip stat= ol alf31,-5 of tnfr cn6r1ty a,..J ,J, tDp incomiyg reiOlJ'. ces ai'.d aoFilication oi re>our¢es, incl.. |fy417g the incorrie and expend',tiJre, of the clidr,';y fpr th?t iiear. In preparing tli)esL fi*ar,ci?15131emts41s. the GoverriDrs dre required to.. 5el•ct suitable accou,')tind pol',:ies and rhpn a71 P;;, theill CQll515teni'ly,' Je the rnethod,- .,d Drin.. iry Ilie StaKgmer.r ol Recnmneode.rt Practic￿, l.li ahllJ f.I'uJen"; Siatts wli*tliei' appliiablL 1.,IiiferJ itji iojdoiTI Accounrir.g %:andords have beeii lallo¥ved, subject lo biiil rr43iei ?r*ures disLIO.?ed and exyl,Biiied in tyrt finjnrial s*>reMeii4Ji Jryd prep3r& the tin1¢ ￿￿431 Slat￿￿￿￿2(7tj on li&% ¥ciiii¥ &cnL.ei'ti basi> b'nleJS Il is inappropria'.e to presume th3r liie chd',.'"ty will continue in operat io.'i. Tkie CyovprriLirs arv re8pop,%ible for k•pping r)roF)er aCknL?'Iii+inK records tl?at disr.lnsp with re 4sor,able dc"Iir3cy aL dnv tir,- ,ari"jil pn rnit tki:. ¥ OU&Pit t.) liav* tdken 3£ p ￿0vernOr ID. order to maAi' therY5elilPS Jw3.'v of 8ny rpl.>iJ351t ai,. T￿115 confirmation ir gi%'c.n 51ioLild bp inierprated In 3crorda,'Ira w':th th* provpsionb oi $418 0., -oniEla.i',e r Ait 200C. T4e LJOVtrnors are r•sponsibl: lor the rr,aintprianre 2nd i.'Itegi ity Df tlie rDrpcr2trM 31id iiriancial inlorTèlion -.ded ()n rh# cl3ri",y's 1oJebiji# LeRiJrlèlion th: Ur4IteiJ Kingdom governing tne pi-tsparation and di55eminalion of finanrj315tatements mpi/ differ Irorr, legi'- A-,ditri-b ntlvf srt.iiiii 4-1.1., auditiTri's jfj J¢ly% af.,￿1. Iliesr. *ir.-+[., j I iÉ-d lo nrive t5￿P.17 ti>8pTr.i.'jl.,li"J d$ ikr 28 (54y* aflei igned or. brwhalf ol th• Goiiei'nor5'. Gty4eriii)I': Joverii or. 24*J ,- 2oz* RtrJebe'fi Fouiidaiiofi Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Independent auditorfs report Year to 30 June 2023 Independent auditorfs report to the Members of Richard Reeve's Foundation Oplnlon We have audited the financlal slatements of Richard Reeve's Foundation Ithe 'charitable companw) for the year ended 30 June 2023 which comprise Statement of financial activities, Balance sheer, statement of cashflows and notes to the financial statement5, includin8 significant accounting policies. The financial reporting fTamèwork that has bèen applied in their preparation is applicable Ihw and United Kingdom Atcounting Standards, including Financial Reporting Standard 102 'The Fffnuncial Reptsrting Stondard applicable in the UK ond Republic olirelond Iunlted Kingdom Generally Accepted Accountin8 Practice). In our oplnion the financial statements.. glve a true and falr vlew of the state of the charitable tompany's affalrs as at 30 lune 2023, and of the charitable company's Incoming resources and application of resources, including its income and expendlture for the year then ended; have been properly prepared in accordance wlth United Klngdom Generally Accepled Accouniing Practl¢e', and have been prepared in accordance wlth the requirèments of the Companles Act 2006. Basls for oplnlon We conducted our audlt in accordance wlth Internatlonal Standards on Auditlng IUKI IISAS IUKII and applicable law. Our re5ponslbilitie5 under those standards are further described in the Auditor's responsibilities for the audit of the financial statemenls sectlon of our report. We are independent of the Company in accordance wlth the ethlcal requlremenls that are relevant to our audlt of the flnancial statements In the UK, Including the FRC'S Ethlcal Standard. and we have fulfllled our other ethlcal responsSbilities In a¢¢ordan¢e with these requirements, We belleve Ihat the audii evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinlon. Concluslons relatlng to golng concern In audltlng the flnanclal statements, we have conclvded that the trustees, use of the 8olng Concern basis of accounting in the preparation ol the financial statements is appropriate, Based on the work we have performed, we have not Identlfied any materlal uncertaSntie5 relatlng io events or condltions thaL indlvldually or collectively. may cast signiflcant doubt on the charitable company's ability to continue as a going concern lor a period of at least twelve months from when the financial statements are authorised for issue. Our responsibllilies and the responsSbllitles ol the dlreclors with respect lo golng concern are descrlbed In the relevant sectlons of this repurt. Other Informatlon The other Informatlon ¢ompiises the information included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report, Ouropinion on the financial statements does not cover the other information and, except to the extent otherwlse explicitly stated in our report, we do not express any form 0f3ssuran￿ conclusion thereon. Our responslbility Is to read the other Information and, in dolng so, conslder whether the other information is materially in¢on515tent 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 deterrnine whether this gives rise to o material misstatement in the financial .statements themselves. If, based on the work we have performed, we conclude ihat there bs a material misstatement of this Other information, we are required to report that fact. We have nothing to reporl in this re8ard. Richard Reeve's Foundation 13 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Independent audStorfs report Year to 30 June 2023 Opln5ons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken In the course of the audil.. the information given in the trustees, report for the financial year for which the financi315taternents are prepared is consistent with the financial statements,. and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are regulred to report by eMCèPtlon In the light of the knowledge and understanding of the tharitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothin81ts report in respect of the following matters In relatlon to which the Companles Act 2006 requlres U5 to report to yov if, in our opinion.. adequate accounting records have not been kept, or return5 adequate for our audit have not been recelved from branches not V15ited by us,. or the flnanclal siaiements are not in agreement wlth the accounting records and returns., or certain dlsclosure5 of trustees, remuneratlon 5pecifled by law are not made., or we have not received all the Informatlon and explanations we require for our audit,. or the trustees were not entitled to prepare the flnanclal statements In accordance wlth the small Companies, regime and take advantage of the small companies, exemptlons in preparin8 the Iru5tees report and from the requiremenl to prepare a strategic report. ResponslbSlltles of trustees As explained more fully in the tru5tee5' responsibilitles statement, the trustees Iwho are also the dire¢lors of the charitable company for the purpose5 of company lawl a¥e responsible for the preparation of the financial statements and for beln6 salisfied that they glve a true and falr vlew, and for such Internal control as the trustees determine Is necessary to enable the preparatlon of financlal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsSble for assesslng the charltable comp8nVs abillty to continue as a going concern, dlscloslng, as applicable, matters related to goin8 ¢oncern and usin8 the going concern basls of accounting unless the dlrectors elther Intend to liquidate the charltable company or to cease opeiation5, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the Ilnantlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to Iraud or erior, 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 wlth ISAS IUKI 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 experted to influence the economic decisions of users taken on the basi5 of these finarbcial statements. Iiregularities, 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 thesè are cap3ble of detecting iriegulèrities, including fraud is detailed below.. Richard Reeve's Foundation 14 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Independent auditorf5 report Year to 30 June 2023 The charitable company is sublect to laws and regulations that directly affect the financial statements induding financial reportin8 legislation. We determined that the following laws and regulations were most significant includin8 FRS 102, Ch3ritte5 SORP, Companies Act 2006, Charities Act 2011 and the charitable company's governing document. We assessed the extent of compliance with these laws and regulations a5 part of our procedures on the related financial statement ilems. We understood how the charitable company is complying with those legal and regulatory frameworks by, making inquiries to manaBeEnent, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes. The engagement partner assessed whether the en8agement team collectively had the appropriate competence and ¢apabilitle5 to identify or reco8nize non-compliance with laws and regulations. The asse5srnent did not identify any issues in this area. We assessed the susceptibility of the Cornp3nVs finan¢lal statements to materi31 misstatement, including how fraud might occur. We Cofisldered the opportunities and incentives that may exist within the organisatlon for fiaud and identified the greatest potential for fraud in the following areas,. management override of contro15 to manipulate results, or to cause the Company to enter Snto transactions not in its best interests. Audlt procedures performed by the engagement team In¢luded.. Identifying and assessins the deslgn effectivenes5 of controls management has in place to prevent and detect flaud.. Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reportlng process.. ChalleneSn8 assumptlons and judgments made by management In Its slgnlflcant accounting estimates,. and Identifying and testSn6 journal entrles, In particular any journal entries posted with unusual account comblnatlons. Because of the Inherent limbtatlons of an audit, there is a risk that we wlll not detect all irre6ularltles. In¢ludSn8 those leading to a material misstatement in the financial statements or non-compliance with regulatiort. This risk increases the more that compliance with 3 law or regulatlon Is removed fr¢m the events and transactlon5 reflected in the financial statements, as we will be le55 Ilkely to become aware of Instances of non-compliance. The risk Is also greater regardlng irregularlties occurring due to fraud rather than error, as fratjd involves intentional eoncèalment, for8ery, collusion, omission or misrepresentation. A further description of our responslbillties Is avallable on the Financial Reportlng Council's webslte at.. https',l/www.frc.org.uklOur-Work/AuditlAvdlt-and-assurance/Standards-and-guidance15tandards-and- guldance-for-auditors/Auditors-responsibilities-for-audit/De5cription-of-auditors-responsibilities-lor.audit.aspx. Use of our report Thls report is made solely to the companV5 member5, 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 companrfs 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 accèpt or assume rèsponsibllity to anyone othèr than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Dc¢US￿n￿ ty. Date.. 15-Feb-2024 for and on behalf ol Menzles LLP, Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Richard Reeve's Foundation 15 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Statement of financial activltles Year to 30 June 2023 lincluding and income and expenditure account) Statement of fjnancial actlvltles Year to 30 June 2023 2023 Total Unrestricted Endowment funds fvnds funds 2022 Tott71 funds Vnrestrlcted fund5 Endowment funds Notes In¢ome Investment Income 1,611,207 1,611,207 1.611.207 1,611.207 1.310,926 1,31Q,926 1,310,926 1,310,926 Total Incomè Expendlture Ctssl of raising funds 101,952 101,952 100.805 100,805 Expenditure on charitable 3 1,396,497 1,396,497 1,228,665 1,228,665 Total expendlture 1,498,449 1.498.449 1,329,470 1,329,470 Nèt Intomè lèxpendlturel before 8Jln5 Ilossesl on Investments 112,758 112,758 (18,544) {18,544) Net gains Ilossesl on listed Investments Revaluation of investment propertv Net Income lexpenditurel 'for the year and net movement In funds li 850,075 850.075 11,675,065J (1,675,065J io -375,000 -375,000 112,758 475,075 587,833 (18,544) 11675.065) (1,693,609J Reconclllatlon of funds.. Balances brought forward at l July Balances carried forward at 30June 2,430.182 46.126.874 48,557.055 2,448,726 47,801,939 50,2SO,665 2,542,938 46.601,949 49.144,887 2,430,182 46.126,874 48,557,055 All of the charitrfs activities derived from continuing operations during the above financial periods. All recognised gains and losses are included in the above statement of financial activities. Richard Reeve's Foundation 16 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 621ance iheet at 3P Ju?r o 2023 Balance Sheet at 30 Juna ZC.23 2023 2023 2022 20?2 Fix*d asipts Investinenl propprties io IL 11.140,CiOO 11,525,000 -.1.< $5.1,$ j 48,386,828 Total Itxed assets 48,8)1,9?3 Current a*sets 12 Slii.-i rprm d#po55t5 .Ih - bank Total curreiit ass¢ts 36,.ISI 42 1,873 3?0,346 wil4ici one year hiPe: current asseti 1141,4'Jf)I f750,J69J .170,27 Tnt)I llpt assets 49,144.879 The funds ol th& (.'hdr',ti l¢iomul,iied iniome fund I,Jx12.93c 46.12fi,877 49.l4 1,qg7 The Cioiiernors acknDKvladRg tli: ct to acc.01Jnring periods and pri:paratitsn of owty,ying wit4 the reryuiepmpnls DI the Art with i ir,'bni-.l)I g."alpments. Latefnentt ha%/p Pr eP¢red in 3¢cg", danc¢ Wit￿ the pirovisions Jpolicab1e to ent subject tts the 5pi311 companies regiyi e. Ai)rJr¢vecl by iho Governors 31ld siunud or. their bePialf by.. Govern()r'. ivernor.. Approved or... .icn3rd R.eeve'i Foundation r,ai;'/ i-en:.stratiripi DtilV.k.>- Oi 226v33 Iknglaii d d41d WJiei P.ichard RetsvE'5 FoLI?6ation 17 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Princlpal accounting policies Year to 30 June 2023 Statement of ¢•shfl¢)w$ 30June 2023 2023 2022 Notes Cash flows Irom operatlng actlvltles-. Net cash used in ordinary operating actlvlties 11,563.2371 11,371,496J Cash flowsftom Invertlk)g 4rtlvitles: Investrnent Income 1.611,207 1,310,926 Proceeds from the dlsposal of Investments Purchase of Investments and investment properties Net ¢•sh provlded by Inve5tlw a£tlvltles 11,850,0 1,611,207 13,160,926 Change In cash and cash equl¥alents the year 11,084,810> 111,293,773J Cash and Cash equl¥alent$ ot l July 2203,526 13,497,300 C•sh and cash •qulval*nts at 30June 1,118,716 2,203,526 Notes to the Statement of c?5h flows for the year to 30 June A Re¢onclllatlon of net movement In funds to net cash used In ordlnary operatlng actlvltles Z023 2022 Nei movement In lunds la5 porthe statement of Ilnanclal actlvltlesl 587,833 11,693,600) Adlustments for.. IGaiD51105se5 on Ilsted investments and Investment property 1475,0751 1,675,065 Investment Income Iln¢rea5el decrease in debtors (Decreasel lrtcrease in creditors Nei cash usgrf im ordinory op•r•tlng •¢tivbtl4$ 11,611,207> 11,310,926) 156,5651 92 18,2231 (42,127) 11,563,2371 11,371,496J B AnalysSs of thanges In net debt At l July 2022 At30June Cash flows 2023 Cash at bank ènd in hand Short rerm deposlts sh held by investment managers Total ¢ash and ¢•sh equivalent$ ii,ioi 305,445 2,886,980 2,203,526 25,183 22,779 -1,132,771 -1,084,810 36,283 328,224 754,209 1,118.716 Richard Reeve's Ftsundation 18 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Prlncipal accounting policies Year to 30 June 2023 General Information Richard Reeve's Foundation is a private company limited byguarantee without share capital incorporated in England and Wales. The company is also a re8lStered charity. The address of the re8lStered office is disclosed on page l of the financial statements. The companls principal place of buslness in within England and Wales. The principal accounting policie5 adopted, ludgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. Basls of preparatlon These financial statements have been prepared for the year to 30 June 2023 and are presented in sterling and are roLtnded to the nearest pound. The financlal statements have been prepared under the historical cost conventlon with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. The financial statements have been prepared ift accordance with 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 United Kin8dom and Republic of Ireland IFRS 1021 (Charities SORP FRS 1021 Issued on 16 july 2014, the Financiil Reportlng Standard applicable In the UK and Republlc of Ireland IFRS 1021 and the Charities Act 2011. The charity constltutes a public benefit entity as defined by FRS 102. Crltlcal accountlng estlmates and areas of judgement Preparation of the financial statements requires the Governors and management to make si8nificant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include.. • estimatin8 the liability for multi-year grant commitments; • estimating the useful economic life of tangible fixed a55ets,' and estimating the market value of investment properties. Assessment of going concern The Governors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Governors have made this assessment in respect to a perioif of one year from the date ot approval of these financial statements. The Governors of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. With regard to the next accounting period, the year ending 30 June 2023 the most slgnificant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets Isee the investment policy and the risk management Sections of the Governors, report for more information). Richard Reeve's Foundation 19 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Prlnclpal accounting pollcles Year to 30 June 2023 Income recognltlon Income is recognised in the period in which the charity has entitlement to the income, the amount of Sncome can be measured reliably and it is probable that the income will be received. Income comprises rental income, dividends and interest received and other income. Rental income is recognised in the period to which the income relates. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on funds held on deposit 15 included when receiv3ble and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the bank. Expenditure recognitlon Liabilities are recognised as expenditure as soon as there is a leg31 or constructhje obligatlon tommittlng the charity to make a payment to a thlrd party, it is probable that a transfer of economic benefits will be requlred in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and includes attributable VAT which cannot be recovered. Expenditure comprises the followlng.. a. The costs of raising funds consist of the fees pèid to Investment managers In connection with the management of the charity's listed investments, and the costs connected with the charitls investment properties including the fees paid to property managers in connection with their management. b. Charitable activities comprise grants payable and support costs. Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of ihe decision to make ihe grant and has satisfied all related conditions. Grants approved but not paid at the end of the financial period are accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the financial statements. Repayments of repayable grants are accounted for on a cash received basis. Support costs represent Indirect charitable expenditure In order to carry out the grant making activities of the charity. The costs do not directly relate to the amount of time spent on processing and monitoring grants and so have not been allocated across grants payable to organisations, students and individuals respectively. Investment properties Properties held for investment purposes are included in these financlal statements at open market value. An internal valuation of 40 Beak Street and 113 Upper James Street, to reflect the current market onditions was completed a5 at 30, June 2023. The valuation has been accepted by the Governors. Gains lor losses) arising on property disposal is recognised through the statement of financial activities and is determined as the difference between the sales proceeds and the carrying value of the asset. Richard Reeve's Foundation 20 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Principal accounting policies Year to 30 June 2023 Listed investments Listed investments are a form of basic financial instrument and are initially recognised at theirtran5attion value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments. Realised gains lor 10sse51 on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first dav of the financial year. Unrealised gains Ilossesl are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains lor1055e51 are combined in ihe Statement of financlal activities and are credited lor debited) in the year in which they arise). Fund structure Endowment funds comprise monies which must be held Indefinitely as capital. Income therefrom Is credited to general funds and applied for general purpose5 unless under the terms of the endowment such income must be used for specific purposes In which case it Is credited to restricted funds. The accumulated Income fund, as part of unrestricted funds, represents those monSes which are freely avallable for application towards achievin8 any charStable purpose that falls within the Foundatlon's charitable objects. Unrestricted funds are available for use al the discretion of the Governors In furtherance of the general objectives of the Charity and have not been desi8nated for other purposes. Flnanclal Instruments The charity only holds basic financial Instruments ès defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basi5 are as follows.. Finonci(71 as5et5 - Other debtors are basic financial instruments and are debt Snstruments measured at amortised cost. Listed investments are a basic financial instrument as detalled above. Prepayment5 are not financial instruments. Cosh ot bonk- classified as a basic financial inslrument and is measured ai face value. Finontial liabilities amortised cost accruals and other creditors are financial instruments, and are measured at Richard Reeve's Foundation 21 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Notes to the financial statements 30 June 2023 Notes to the financlal statements 30 lune 2023 Invèstment Income Unrestrl¢ted EAdowmeTht fund$ fund Unrestricted Endowment funds fund 2023 2022 Property rental income Investment income Bank dep051t interest Other 376,819 1,232,241 2J47 376,819 1.232.241 2,147 319,272 991,545 109 319,272 991,545 109 1,611207 1,611,207 1,310.926 1.310,926 2 Cost of ralslng funds Unresiri¢ted Endowmert funds fund Unrestrlcted Endowment fund5 fund 2023 2022 Cost5 of manalng Wsted Investments 101,952 101,952 100,805 100,805 101,952 101,952 100,805 100,805 3 Charltable actlvltles Unre$trlcted Endowment fur￿5 furbd Unrestricted Endowment funds fund 2023 2022 Grant fundlng of aalvities Inoie 41 1,338,719 1,338,719 2.170.582 1.170,58Z Support ¢ost$ Premise5 COSt5 Off)￿ expenses Professlonal fees Governance costs Inote 61 576 576 2,229 46,500 8A73 57,778 610 610 2229 46,500 8,473 57.778 1,515 46.500 9,458 1,515 46,SC 9,458 58,083 58,083 1,396,497 1,228,665 Total funds 1,396A97 1,228,665 Richard Reeve's Foundation 22 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Notes to the financial statements 30 June 2023 4 Grant fundlng of artlvities 2023 Grants payable Famlly Support Family Support Workers It 13 Schools Tubtlon ProgrammÈs Tuition Year 5 38 Partner 5choo15 272.255 243,192 222,240 GSCE Math5 Support-9 Schools Bursary l Hardshlp City Unlverslty 16-18 Bursary fjrants students in AQB Other Chr15Ys Hospiral Book5. 5 Partner Schools Totsl 8rants payable 25,000 507.661 43,790 24.581 1,338,719 Grant CDmm5tments At 30 June 2023 the charity had committed to make grants in future years, subject to fulfilment of conditions in the following areas Family Support - Year 2 of 3-year commitment Tuition Programmes- Yearly review of Year S programme. GCSE tultlon will be year 2 of a 2-year programme. BLtrsary and Hardship- Reviewed annually. Other- Reviewed annuallv. Payment of these grants is subject to annual review; they may be discontinued if the projects cease to operate or have unsatisfactory outcome5 and will be dependenl on the charity's financial p051tion at the time. No provislon has been made for future 8rants in these financial statements. Governance costs 2023 2Q22 Auditor's remuneratlon 8,473 9,458 8A73 9,458 Net Income lexpendlturel before galns Ilossesl on Investments Net income lexpenditurel before revaluations and investment asset disposals is stated after charging.. 2023 2022 Auditorfs rernuneration Statutory audit - Current year charge Prior year charge Staff costs ItK)te 81 8,473 9,458 Richard Reeve's Foundation 23 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Notes to the Ilnancial statements 30 June 2023 8 stsff costs and remuneratlon of Governors and key management personnel The Foundation had no employees in the year12022 none) and therefore Incurred no wages. salary or pension costs. No employee earned £60,000 per annum or more during the year12022 - none). The Governors consider that they comprise the key management personnel of the charity in charBe of directing and controlling the Foundation. The total remuneration lincluding taxable benefits and employerf5 pension and National Insurance contribution51 of the key management personnel for the year was £nil12022 £nlll. No Governor has recelved any remuneration (directly or indirectly) from the Foundation12022 £nlll. £nil was reimbursed to governor5 during the year for travel expenses12022 - £nill. 9 Taxatlon Richard Reeve's Foundation 55 a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as It falls within the various exemptions available to registered charities. 10. Investment propertle$ 2023 2022 At valu•tion At Iluly Revaluation during the year At 30 June 11,525,000 1375,0001 11,150,000 11,525,000 11,525,LXIO v propertv: 2023 2022 40 Beak Street 113 Upper Jame$ street 5,450,000 5,625,WO 5.700,000 s,900,￿0 11,150,000 11,525,000 The Foundation's properties were purchased in 1708. The historical cost of the properties shown in the financial statements is not known but would be minimal in today's money. The Foundation capitalises improvements to the properties. The historical cost of improvements to 40 Beak Street is £1,158,767. An internal valuation of 40 Beak Street and 113 Upper James Street, as at June 2023 has been approved by the Governors. The valuations reflect market conditions. Richard Reeve's Foundation 24 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Notes to the flnanclal statements 30 June 2023 11. Llsted Investments 2023 2022 At l July Additions Di5P05415 Withdrawal Unreali5ed 8aln51105se51 Market value at 30 June Cash held by Investment manager lor relnyestrnent At 30 June 34,974B98 25,332,515 12,000,000 (J50.OOOJ 1,982,847 (2,207,617J 36,957.744 34,974,898 754,209 1,8B6,980 37,711,953 36,861,87$ £33,350,065 £33,399,300 H15torical cost of Ilsted Investments •t 30 June Ilncludln8 cashl Toièl 2023 Total 3022 Ll%ted Investments comprlse.. UK fixed interest UK Equltle5 Overseas flxed interest Overseas equltles Portfollo funds Property Others 4,590,099 5,917.501 4Sa,271 22.643A57 3,388,645 6,564,023 336,642 20,238,793 I￿0,168 2,233,248 36,9S7,744 1,425,892 3,020,904 34,974,898 Total No investment5 were Indivldually mgre ¢han 5% gf the Foundatyon'$115ted investment5. 12. Debtors 2023 2022 Other debtors and prepayments 60.365 60.365 3,800 3,800 la. Credltors 2023 2022 othercredltors VATpayable Accruals Deferred Income a235 18,829 28,900 94,205 150,169 18.841 28,900 94.205 141,946 Total Creditors Deferred Income 2023 Deferred Income at ljuly 2022 A ￿unt5 released from previou5 perv)ds Amounts deferred durlng the year Totsl of the amount carried forward 94,Z05 94,205 Richard Reeve's Foundation 25 Docusign En¥ÈlopÈ ID." 344150BPth41143F4-ACD2-F658AF95DC38 Notes to the financlal statement5 30 June 2023 Deferred income ielates to rental income being recognised over th2 period it relate5 to. 14. Anatysi5 Qf net assets between funds un￿StrICted funds Endowmeni fund Tot•1 Fund balances at 30June 2023 are represented by.. Investment propert￿5 Llsred InVeSt￿￿￿t5 Short term deposits other net current liabllr(les 11,150,000 11,150,000 35AS1,949 37.7JI.961 328,224 145,2981 46.601,949 49,144,887 2.260,012 328,224 145.2981 2.542.938 Unrestrlcted funds Endowment fund Totol FundbolGnces ot30June 2022 ore represented by.. In￿strnentprOpert1eS Llsted Investments Short term deposlts Otherner curretttliobilltles 11,525,000 11,525,000 2.260,004 34,601,874 36,861,878 305,445 305,445 1135,268) 1135,268) 2,430,182 48,557,055 46,126,874 Endowmentfvnd The historical value of the ori8inal endowment is not known but would be minimal in today's money. These are capital assets and are not available for distribution. The total unrealised gains as at 30 June constitute movements on revaluation and are as follows.. 2023 2022 Unreallsed 8alns Included above: On Investmen¢ properties On115ted Investmenis Total unreallsed galns at 30 9,991,23a 10,366,233 1,982,847 12,207,617J 11,974,079 8,158,615 Reeon