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← Richard Reeve's Foundation

2025-06-30-accounts

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Annual Report and Financial Statements

30 June 2025

Charity Registration Number 1136337 Company Limited by Guarantee Registration number 07226633 (England and Wales)

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

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Contents

Reports

Reference and administrative information about the charity and its advisers 1

Governors’ annual report

Structure, Governance and Management Objectives and activities Investment activity and performance Financial review Statement of Governors’ responsibilities

Independent auditor’s report 14

Financial statements
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Principal accounting policies 20
Notes to the financial statements 23

Richard Reeve’s Foundation

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Reference and administrative information about the charity and its advisers

Registered Company Number: 07226633 Registered Charity No: 1136337 Board of Governors:

Ex-officio (1): Rev Nicholas Mottershead

Nominated by the Churchwardens of Ms Elizabeth Gallagher (resigned 19 June 2025) the Ecclesiastical Parish of St Sepulchre-without-Newgate (2): (Term 4 years) Nominated by the Council of Mr Gerald Rothwell Almoners of Christ’s Hospital : (2) (Term 4 years)

Nominated by the Council of the London Borough of Camden (1): Mrs Kate Frood (Term 4 years) Nominated by the Council of the Mr Angelo Weekes London Borough of Islington (1): (Term 4 years) Co-opted: (5) (Term 5 years)

Mr Mark Jessett (Chairman) Mr Alistair Wilson Mrs Charlotte Hilton Mr Liam Dystant

Clerk and Company Secretary: Frances Wells (Strawberry Hill Consulting)

Registered Office: 20-22 Wenlock Road, London, N1 7GU Menzies LLP Auditor: Magna House 18-32 London Road Staines-Upon-Thames, TW18 4BP

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Reference and administrative information about the charity and its advisers

Bankers: Lloyds Bank Nationwide BS
1st Floor Kings Park Road
39 Threadneedle Street Moulton Park
London Northampton
EC2R 8AU NN3 6NW
Solicitors: Investment Property advice: Charity advice:
Knights Solicitors Womble Bond Dickinson LLP
(previously IBB)
Capital Court
30 Windsor Street		 4 More London Riverside
London
SE1 2AU
Uxbridge
Middlesex
UB8 1AB
Investment advisers: W1M / Waverton Investment
Management Ltd
16 Babmaes Street
London SW1Y 6AH
Investment property advisers: Avison Young UK LLP
Becket House
36 Old Jewry
London
EC2R 8DD

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Governors’ annual report 30 June 2025

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 2025. This has been prepared in accordance with Part 8 of the Charities Act 2011. The report is also a directors’ report required by s415 of the Companies Act 2006. 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 (FRS 102), effective from accounting periods commencing 1 January 2019 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 principles for all the grant-making of the Governors today.

The governing document is named Article of Association.

Board of Governors

The Foundation amended its Articles of Association during the period and state that the Board of Governors shall comprise not more than thirteen persons: one Ex-Officio Governor being the Rector for the time being of the Ecclesiastical Parish of St. Sepulchre-without-Newgate or otherwise the principal officiating Minister for the time being 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-Newgate; two Governors nominated by the Council of Almoners of Christ’s Hospital; one Governor nominated by the Council of the London Borough of Camden; one Governor nominated by the Council of the London Borough of Islington and not more than five co-opted Governors.

The right to nominate a Governor by the Corporation of the City of London was removed by Resolution dated 21[st] February 2025

The Governors confirm that they have given due consideration to the Charity Commission published guidance on the operation of the Public Benefit requirement.

Since the company qualifies as small under section 382 of the Companies Act 2006, the strategic report requirement of medium and large companies under Companies Act 2006 (strategic Report and Directors Report) Regulations 2013 has been omitted.

The Governors had indemnity insurance during the year.

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Governors’ annual report 30 June 2025

Structure, Governance and Management (cont)

All nominated Governors are appointed for a term of four years and Co-opted Governors for a term of five years.

General responsibilities of Governors are considered to be:

  1. Strategic – defining and approving the Foundation’s Mission in accordance with the charitable objects set out in its articles of association, strategic direction and aims, arriving at appropriate policy decisions to take them forward and evaluating performance against agreed targets;

  2. Stewardship – to have responsibility for the Foundation’s assets, their preservation and exploitation and assessment of risks;

  3. Monitoring – to oversee the effective management of the Foundation and its services, including the appointment of employees and external advisors;

  4. Promotion and advocacy of the Foundation 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 governance is followed;

  6. Attendance – the Board meets at least twice a year.

Governor selection 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 needs of the Foundation.

The Governors who served during the year and since the year end are listed on page 1.

Governor induction and training

The Foundation recognises that new Governors must be made aware of its charitable purposes, modus operandi, plans, problems and challenges. All new Governors, (Co-opted, Nominated, Ex-officio) 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 maintains a Register of Interests – updated annually – to ensure any conflicts of interest are identified.

Where it would be helpful, other steps such as the provision of training and/or the appointment of another Governor to act as mentor, may be taken. Attendance at external training events, where these will facilitate their responsibilities as Governors, is also encouraged.

Key management personnel

The key management personnel of the Foundation in charge of directing and controlling the Foundation on a day-to-day basis comprise the Governors. No Governor receives any remuneration from the Foundation.

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Governors’ annual report 30 June 2025

Structure, Governance and Management (cont)

Management

Traditionally the Board has three principal committees to better discharge functions relating to the administration and management of the Foundation:

  1. Investment & Finance Committee – The purpose of this 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 Committee – Its purpose is to advise the Board of Governors on the Foundation’s grant-making priorities and the strategy employed to achieve them agree the main terms of each grant award, monitor and evaluate progress and achievements and manage the implementation of the agreed strategy.

  3. Governance Committee – Its purpose is to keep under review the governance 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 groups are constituted on an ad-hoc basis as required.

Operational Risk management

The Foundation maintains a risk register which is reviewed annually by Governors and updated as necessary. Governors are satisfied that appropriate mechanisms are in place to minimise and mitigate the main operational and business risks. The Grants committee maintains a risk register in respect of individual grants.

The Foundation’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 making capability and ensure sufficient reserves to meet commitments. The Investment & Finance Committee reviews the risk register annually and reports to the Board annually.

The two most significant risks identified by the Foundation and the plan for tackling these are:

  1. Grant-making - There may be a reputational/delivery risk to the Foundation if grants paid are misappropriated by the recipients and do not reach their intended beneficiaries, or if the funded programmes/projects fail to deliver their expected outcomes, particularly in light of the increase in grants which is expected as part of the new grant-making strategy. This risk is mitigated through maintaining strong relationships with grant recipients and requiring regular reports from recipients on the activities undertaken, as well as seeking involvement and ‘buy-in’ from the end-users 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 market and cash) being significantly lower than budget as a result of a major economic and financial crash over a prolonged period impacting the Foundation’s ability to meet grant commitments. This is mitigated 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.

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Governors’ annual report 30 June 2025

Objectives and activities

The objects of the charity are:

To advance or assist in the education or care of Beneficiaries, either individually or collectively, in particular (but not exclusively) by:

The Foundation’s beneficiaries are children and young persons of not more than 25 years of age who are in need of financial assistance and:

Area of benefit

The Richard Reeve’s Foundation’s area of benefit is the London Boroughs of Islington and Camden and the City of London.

Activities

Grant making -

The Foundation seeks to fulfil its charitable objects by making grants to educational projects that support young people in our area of benefit 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 disadvantaged 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 financial 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 (FSM).

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Governors’ annual report 30 June 2025

Achievements and Performance

The Foundation awarded grants totalling £1,683,459 ( 2024: £1,578,078 ) an increase of £105,381 on the previous year. The funds were able to benefit the students and families at 46 different primary schools, and 30 secondary/further education colleges.

The Foundation has estimated there are 20,000 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 Foundation has been able to increase the grant spend and based on reports received from partner schools, was able to offer support to nearly 6,000 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 additional learning and strengthened links between school and home as outlined below.

Family Support

The funding of Child and Family Support Workers (CFSW) is a long-standing programme that helps build and strengthen community links together with the school. The Foundation renewed this programme for another three years starting September 2022, with 17 schools employing a person for this role. The work includes direct support to both the child and their family, building close relationships with the most vulnerable. This includes helping families with access to outside agencies to help with housing issues, social and mental health services and access to food banks and voucher schemes. A key aspect of the work is aimed to improve attendance and support 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 two schools noted;

“The CFSW’s early intervention strategies are proving particularly effective. Weekly check-ins for families of children with emerging attendance concerns are enabling issues to be addressed before they escalate. Strong collaboration between the CFSW, pastoral staff, and class teachers ensures a consistent and unified approach, which parents appreciate. As a result, the number of children moving out of the persistent absence category is steadily increasing, and families report feeling more supported and less judged throughout the process.”

“Increased Engagement with Hard-to-Reach Families: Stronger relationships with families have fostered a greater sense of inclusion in the school community e.g. Since starting the ESOL courses, parents with little or no English have been able to access these courses and built the confidence to take part in their children’s learning in school e.g. attending phonics’ session with the school, filling in forms so their children are able to take part in after school clubs. Ask for help and support with the COL fund. “

The overall spend for this project was £291,780 which enabled the staff to directly help nearly 700 children in the school setting as well as over 800 families helped with issues such as language, welfare and social issues. The Foundation approved this project to continue for a further 3 years from Sept 2025.

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Governors’ annual report 30 June 2025

Achievements and Performance (cont)

Tuition Programmes

GSCE Maths -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. The grant allows schools to provide intensive maths support to nearly 700 students from disadvantaged backgrounds with the aim of improving all participating students grades by 1 grade from their year 10 projection. One Islington school gave feedback on how one student benefitted from the programme;

[Student] had significant issues around anxiety and very low self-esteem. They had a good relationship with the Maths Mentor and worked well during the tuition sessions. They received In-class support, small group withdrawal sessions - 1:2, before school and lunch time mentoring drop-ins. In both their Autumn and Spring Mock exams, they attained a Grade 3. Maths and Combined Science were the students' only standard passes with all other grades below a Grade 4. The student is now attending College of North West London completing a Level 2 Plumbing course. Final Grade received – 4

Year 5 literacy and numeracy – This programme provides small group tutoring in English and Maths to disadvantaged students. This year, the Foundation extended the Year 5 tuition to include year 6 students as a response to the removal of the NTP government funding. Sessions are run by school staff or experienced volunteers via a not-for-profit tutoring agency. This allows schools to provide more dedicated tutoring that might otherwise be unavailable to this group of children. Schools were funded to run out of hours small group literacy and numeracy sessions for year 5 and 6 students who are eligible for free school meals. Over 10,000 hours tutoring were delivered to over 1,000 pupils across 43 schools . Feedback from schools was very positive:

“The groups are continuing to have a positive impact for the children involved, particularly for those children that have attended all sessions (9/11 children). In maths this term, the children have focussed on mastering formal written methods (addition, subtraction, multiplication and division). The class teacher has noticed an improvement in their arithmetic scores. If the sessions were to continue next year, the focus would be on reasoning and problem solving ahead of the SATs tests. In reading, there has been a rapid improvement in the children's inference skills, with a larger number of pupils achieving greater depth in formal tests. If the sessions were to continue in Year 6, the focus would extend to writing as there are still four FSM children working below the expected standard.”

“Year 6 We used the tuition time to real unpick SATS questions and build our confidence in answering the question in a timely manner. The children really enjoyed the afterschool sessions and reflected on the benefits they have got from the sessions. 10 chn sat the Y6 SATS while 5 of them sat a Year 5 test. This group have made huge progress and we have given them revision skills.”

These two tuition programmes totalled nearly £665,000 across 53 primary and secondary schools .

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Governors’ annual report 30 June 2025

Achievements and Performance (cont)

Bursaries and Hardship Grants

The Foundation distributed £528,370 in hardship grants to nearly 1,000 students in education, aged 16-18, meeting the qualifying criteria. With the support of Camden and Islington councils these funds were distributed directly to the beneficiaries via their schools and colleges. While no specific requirements are placed on how the funds are spent, we are pleased that beneficiaries have used these funds to support their ongoing studies. Some comments from Schools and students and/or families supported;

“Thank you so much for the grant. It was used mainly on textbooks, online revision resources and for the school’s spring revision courses. “

“Apologies for the late reply! Although I still have quite a large proportion of the Richard Reeves Foundation grant left, I have spent some of it on funding super curricular activities including wider reading; I'm currently quite interested in biomedical research so have purchased some books such as The Immortal Life Of Henrietta Lacks, The Epigenetics Revolution etc... In the near future, I do hope to invest some of it into prep for the UCAT and potential revision resources/ tuition for my A-Level subjects.”

In addition, schools were asked to select one student to receive a one-off award of £2,000, and a second student to receive £1,000 for the Richard Reeve’s Foundation Award programme. This would reflect the hard work of eligible students whose achievements went beyond expectations and would be put towards their university expenses. Students would be the first in their family generation to university and be eligible for the full maintenance loan. One school chose twins to receive the award stating;

“ We would like the award to be split between [twins]. Both students are student ambassadors, have 100% punctuality, and are above their targets. They will both be going to the University of Bradford in September to study undergraduate Biomedical Engineering.”

Forest School-

The Foundation approved a new programme for 24/25 with a total spend of £90,563 for 13 schools. “Forest School involves learning outside the classroom which is about raising achievements through an organised, powerful approach to learning in which direct experience is of prime importance. This is not only about what we learn but importantly how and where we learn.” Delivered by Level 3 qualified Forest School practitioner and brings in elements of the curriculum outside of the classroom.

“This project enabled children from low-income, inner-city families to access outdoor spaces and a different kind of learning that we could not have otherwise provided. It gave the children enjoyment, a sense of belonging to the community and to the area and a connection to the outdoor world that their families and indeed, our school, would have struggled to plan and provide safely. It has met all objectives it was designed to meet and we are very thankful to have been given this grant. Each week the children learnt new activities and were given the opportunity to develop their independent skills, pushing the boundaries of their current limitations. They learnt about themselves and each other. They learnt independently and form each other, teaching each other how to climb and learn about the woodland area.”

“Forest school has been very beneficial for my class. The have been able to let our extra energy, concentrate better in class and have bonded in ways they would not have been able to just at school. A number of the newer members of my class have really come out of their shells and have been more willing to try new things in general. Thanks for this opportunity.” From Year 3 teacher at Hungerford.

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Achievements and Performance (cont)

Books

A further £23,807 was provided to 11 schools to purchase books to enhance the reading ability and enthusiasm for FSM students. They would support targeted reading projects in particular to help the Camden schools reach their “Every Child a Reader Project” and overall is estimated to reach nearly 1,500 students . This offer will be continued in the next year to other schools.

Higher Education

In addition to the grants to 5–18-year-olds outlined above; the Foundation continued to support City University with a grant of £30,000 to disburse to students aged 18-25 (who have connections to the AOB) for resources to support their ongoing education. This was distributed to 40 beneficiaries receiving between £600 and £1,000. with equipment required for the course being the most common use of the funds as money towards travel and rent or bills, as shown in the feedback by one student;

“Receiving this bursary has made a meaningful difference to both my academic journey and my overall university experience during first year. It has helped me cover essential living costs such as travel, food, study materials, activities that support my wellbeing, and a good-quality laptop to complete my work. With these crucial needs taken care of, I’ve been able to focus more fully on my studies, without the constant stress of financial pressure. I’ve had more time to dedicate to my coursework and to make the most of academic opportunities available to me. The bursary has also brought a sense of security and stability, allowing me to feel more settled at university. It has lifted a significant emotional burden and enabled me to enjoy student life—engaging in activities and social events without the worry of affordability. This experience has also taught me the importance of resilience; even in difficult times, there is light at the end of the tunnel.”

Conclusion

The Foundation was able to offer support to nearly 6,000 young people or 29% of potential beneficiaries . We funded over 10,000 hours of extra tuition to primary schools’ students as well as books and support to help their families to support their learning. Results show improved attendance and academic achievements. Our new Forest School programme was welcomed by schools and feedback was extremely positive about the benefits to students both inside and outside of the classroom. In secondary schools, we provided additional support and extra days teaching for GCSE maths students and nearly 1,000 students received bursaries to support their learning and ensure continued education. We provided bursaries to 76 students towards their ongoing costs of Higher Education which can be a barrier to some pupils.

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Investment activity and performance

The charity’s investment policy is set out on page 12

The Foundation’s assets at the year-end were valued at £55,699,071 ( 2024: £53,707,146 ). The represents an encouraging rise of £ 1,991,925, which is equivalent to 3.7% since the 30th June 2024.

Stock markets continued to prove remarkably resilient despite high levels of political and economic uncertainty. Whilst markets continue to look past the Ukraine/Russia conflict the dominant story of the last 12 months was the election of Donald Trump and his penchant for the introduction of his tariff regime. When first announced on ‘liberation day’ in April it created high levels of volatility across markets. Trump stepping back from those initial announcements and moving toward negotiations allowed a relatively quick recovery and despite the tariffs likely slowing global growth lower interest rates, with expectations of more to come, and prediction of the future impact of AI have driven equity markets to record highs. There are some concerns over the dominance of a relatively small number of companies within the stock market index, the so-called ‘Magnificent Seven’, but we are well diversified globally and are not overly exposed to single stock risk.

During the year, the investments generated an income of £1,722,209 (2024: £1,702,614 ), representing a yield of 3.1% (against a target of 3%). A small increase of £19,595 which represents a rise of 1.1% over the year.

Financial review

The Foundation’s results for the year are set out on page 16 in the statement of financial activities.

The gross income generated from investments during the year amounted to £1,722,209 ( 2024: £1,702,614), an increase of £19,595. Operating costs (excluding investment management fees) of £ 78,304 (2024: £81,651) remained on target at a ratio of 5%. Investment Management costs increased reflecting the increased AUM and totalled £ 121,879 ( 2024: £111,737 ). This resulted in total expenditure on costs increasing to £200,183 ( 2024: £193,388), though still reflecting tight control and monitoring by the Governors. This left £1,522,026 ( 2024: £1,509,226 ) available for grant giving.

A full listing of grants awarded in the year is shown in note 4 of the financial statements. The Foundation awarded net grants totalling £1,683,459 : ( 2024: £1,578,078 ) during the year.

The freehold interests in 40 Beak Street and 1-3 Upper James Street, London were valued by Avison Young UK LLP, Chartered Surveyors and International Property Consultants, as External Valuers as at 30 June 2025.

Towards the end of the reporting period we updated the valuations on our two directly held properties. This saw an uplift in the valuation of 40 Beak Street (£5.79m versus £5.34m) and a significant reduction for 1-3 Upper James Street (£5.09m versus £5.59m). The investment market has deteriorated with yields on both properties increasing, which would mean a fall in values. Future rent review provisions are more favourable on 40 Beak Street so leading to an increase in the real valuation whereas future rent review provisions for 1-3 UJS are less favourable hence by explicitly reflecting these does not fully mitigate the reduction in value. This has meant that the value of 1-3 UJS has decreased whilst the value for 40 Beak Street has increased.

Note - The 2025 valuations were prepared on the basis of Fair Value and in accordance with the requirements of the RICS Valuation – Global Standards 2017.

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Financial review (cont)

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 deposit or in other readily-realisable shortterm investments.

At 30 June 2025, the free reserves of the Foundation stood at £2,312,653 ( 2024: £2,474,086 ). This is in excess of the level required by the reserves policy. Grant giving increased by £105,382 in the current year and the Governor’s plan to expend the cumulative surplus over the next few years.

Investment policy

The Foundation has been a grant-making 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 diversify asset 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 delegate management of the bulk of their non-property investment portfolio to authorised 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 this will be measured on a five-year timescale. In any one year, the Governors 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-making. This Policy has been established under the powers given to the Governors by the Trustee 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 with the free reserves, is held in liquid assets and kept under review by the Foundation’s Investment & Finance Committee.

The investment managers report quarterly to Governors and the Investment & Finance Committee regularly review their performance. The Governors review the Foundation’s investment policy annually.

The Governors are targeting an initial income yield of 3% which is expected to grow over time. It is expected that the fund’s total return should match or exceed the 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 term 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 i) Tuition schemes, ii) GCSE Maths support iii) Bursaries as well as the smaller grants such as books and Forest School. The Foundation has significant reserves which it will use to provide additional funds to support these programmes.

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Governors’ annual report 30 June 2025

Financial review (cont)

Fundraising

The charity generates all its income through its investments and does not undertake any fundraising activity.

Statement of Governors’ responsibilities

The Governors (who are also directors for the purposes of company law) are responsible for preparing the Governors’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that year. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each Governor confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Signed on behalf of the Governors:

Governor:

Governor:

Approved on: 26[th] November 2025

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Independent auditor’s report Year to 30 June 2025

Independent auditor’s report to the Members of Richard Reeve’s Foundation

Opinion

We have audited the financial statements of Richard Reeve’s Foundation (the ‘charitable company’) for the year ended 30 June 2025 which comprise Statement of financial activities, Balance sheet, Statement of cashflows and notes to the financial statements, including 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:

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 directors with respect to going concern are described in the relevant sections of this report.

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.

Richard Reeve’s Foundation 14

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Independent auditor’s report Year to 30 June 2025

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the 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 the Companies Act 2006 requires us to report to you if, in our opinion:

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 directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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.

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 these are capable of detecting irregularities, including fraud is detailed below:

Richard Reeve’s Foundation 15

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Independent auditor’s report Year to 30 June 2025

Audit procedures performed by the engagement team included:

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx.

Use of our report

This report is made solely to the 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 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

03-Dec-2025 Janice Matthews FCA (Senior Statutory Auditor) Date:

for and on behalf of Menzies LLP , Chartered Accountants Statutory Auditor

Magna House, 18-32 London Road, Staines-Upon-Thames, TW18 4BP

Richard Reeve’s Foundation 16

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Balance sheet at 30 June 2025

Statement of financial activities Year to 30 June 2025

Notes Unrestricted
funds
£
Endowment
funds
£
2025
Total
funds
£		 Unrestricted
funds
£
(restated)
Endowment
funds
£
2024
Total
funds
£
Income
Investment income
1
Total income
Expenditure
Cost of raising funds
2
Expenditure on charitable
activities
3
Total expenditure

Net income (expenditure)
before gains (losses) on
investments
7
Net gains (losses) on listed
investments (restated)
11
Revaluation of investment
property
10
Net income (expenditure)
for the year and net
movement in funds
Reconciliation of funds:
Balances brought forward
at 1 July
Prior Year Adjustment
Balances brought forward
at 1 July (restated)
Balances carried forward at
30 June
1,722,209
—
1,722,209
1,702,614
—		 1,702,614
1,722,209
—		 1,722,209
1,702,614
—		 1,702,614

121,879

**1,761,763 **
—

—

121,879
1,761,763		 111,737
_1,659,729 _
—

—
111,737
1,659,729

1,883,642
—		 1,883,642 1,771,466
—		 1,771,466

(161,433)

—

—
-

2,203,358
(50,000)

(161,433)


2,203,358
**(50,000) **
(68,852)


—
—
-
4,851,111
_(220,000) _		 (68,852)

4,851,111
(220,000)
(161,433)
2,474,086
-
2,474,086		 2,153,358

51,335,894

102,833

51,233,060		 1,991,925

53,809,980

102,833
53,707, 146		 (68,852)
2,542,938
-
2,542,938		 4,631,111
46,601,949

-
46,601,949
4,562,259
49,144,887

-
49,144,887
2,312,653
53,386,418		 55,699,071 2,474,086 51,335,894 53,809,980

All of the charity’s 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 17

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Balance sheet at 30 June 2025

Balance sheet at 30 June 2025

Notes 2025 2025 2024 2024
£ £ £ (restated)
£
Fixed assets
Investment properties 10 10,880,000 10,880,000
10,930,000		 10,930,000
Listed investments 11 44,716,424 42,613,066 42,613,066
Total fixed assets 55,596,424 53,543,066 53,543,066
Current assets
Debtors 12 - 91,789 91,789
Cash at bank 268,814 246,701 246,701
Total current assets 268,814 338,490
Liabilities
Creditors: amounts falling due
within one year 13 (166,166) (174,410)
Net current assets 102,647 102,647 164,080
Total net assets 55,699,071 55,699,071 53,707,146
The funds of the charity
Accumulated income fund 2,312,653 2,474,086 2,474,086
Endowment fund 53,386,418 51,233,060 51,233,060
14 55,699,071 55,699,071 53,707,146

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting periods 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.

Approved by the Governors and signed on their behalf by:

Governor: Governor:

Approved on: 26[th] November 2025

Richard Reeve’s Foundation - Company registration number 07226633 (England and Wales)

Richard Reeve’s Foundation 18

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Cashflow Year to 30 June 2025

A
B		 Statement of cashflows 30 June 2025 Statement of cashflows 30 June 2025 Statement of cashflows 30 June 2025
Notes 2024 (restated)
£
Cash flows from operating activities:
Net cash used in ordinary operating activities
A
Cash flows from investing activities:
Investment income
Proceeds from the disposal of investments
Addition to Investment Portfolio
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 July
B
Cash and cash equivalents at 30 June
B		 (1,770,4190)
1,702,614
-
50,000
1,652,614
(117,806)

364,507
246,701
Net movement in funds (as per the statement of financial activities)
Adjustments for:
(Gains) losses on listed investments and investment property
Investment income
(Increase) decrease in debtors
(Decrease) increase in creditors
Net cash used in ordinary operating activities		 1,889,091
(2,153,358)
(1,722,209)
60,365
24,220
(1,901,890)
Analysis of changes in net debt

Cash at bank and in hand
Short term deposits
Total cash and cash equivalents
At 1 July
2024
£
246,701
-		 Cash flows
£
Cash at bank and in hand
Short term deposits
Total cash and cash equivalents		 22,112
-
246,701 22,112

Richard Reeve’s Foundation 19

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Principal accounting policies Year to 30 June 2025

General Information

Richard Reeve’s Foundation is a private company limited by guarantee without share capital incorporated in England and Wales. The company is also a registered charity. The address of the registered office is disclosed on page 1 of the financial statements. The company’s principal place of business in within England and Wales.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 30 June 2025 and are presented in sterling and are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention 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 in 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 Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the Governors and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

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 period of one year from the date of 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 2025 the most significant 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 (see the investment policy and the risk management sections of the Governors’ report for more information).

Richard Reeve’s Foundation 20

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Principal accounting policies Year to 30 June 2025

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income 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 is included when receivable 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 recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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 includes attributable VAT which cannot be recovered.

Expenditure comprises the following:

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 the decision to make the 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 financial statements at open market value. An internal valuation of 40 Beak Street and 1/3 Upper James Street, to reflect the current market conditions was completed as at 30[th] June 2025. The valuation has been accepted by the Governors.

Gains (or 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 21

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Principal accounting policies Year to 30 June 2025

Listed investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction 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 (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains (losses) 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 (or losses) are combined in the statement of financial activities and are credited (or 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 purposes 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 monies which are freely available for application towards achieving any charitable purpose that falls within the Foundation’s charitable objects. Unrestricted funds are available for use at the discretion of the Governors in furtherance of the general objectives of the Charity and have not been designated for other purposes.

Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets – other debtors are basic financial instruments and are debt instruments measured at amortised cost. Listed investments are a basic financial instrument as detailed above. Prepayments are not financial instruments.

Cash at bank – classified as a basic financial instrument and is measured at face value.

Financial liabilities – accruals and other creditors are financial instruments, and are measured at amortised cost

Richard Reeve’s Foundation 22

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Notes to the financial statements 30 June 2025

Notes to the financial statements 30 June 2025

1 Investment income

Investment income
Unrestricted
funds
£		 Endowment
fund
£		 2025
£
362,444
1,357,852
1,913
—		 Unrestricted
funds
£
Endowment
fund
£		 2024
£
Property rental income
Investment income
Bank deposit interest
Other
362,444
1,357,852
1,913
—		 —
—
—
—		 376,819
1,319,832
5,963
—
—

—

—

—		 376,819
1,319,832
5,963
—
1,722,209 — 1,722,209 1,702,614
—		 1,702,614

2 Cost of raising funds

Cost of raising funds
Costs of managing listed
investments
Charitable activities		 Unrestricted
funds
£		 Endowment
fund
£		 2025
£		 Unrestricted
funds
£
Endowment
fund
£		 2024
£
121,879 — 121,879 111,737 — 111,737
121,879
Unrestricted
funds
£		 —
Endowment
fund
£		 121,879
2025
£		 111,737
Unrestricted
funds
£
—

Endowment
fund
£		 111,737
2024
£
1,578,078
10,000
2,060
55,750
13,841
81,651
1,659,729
Grant funding of
activities(note 4)
Support costs
Property costs
Office expenses
Professional fees
Governance (note 6)
Total funds		 1,683,459
9,408
2,488
55,000
11,408		 —
—
—
—
—		 1,683,459
9,408
2,488
55,000
11,408		 1,578,078
10,000
2,060
55,750
13,841
—

—

—

—

—
78,304 — 78,304 81,651
—
1,761,763 — 1,761,763 1,659,729
—

Richard Reeve’s Foundation 23

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Notes to the financial statements 30 June 2025

Grants payable
Family Support
Family Support Workers at 17 Schools
Tuition Programmes
Tuition Year 5/6 - 43 Partner schools
GSCE Maths Support – 10 Partner Schools
Bursary / Hardship
City University
16-18 Bursary Grants students in AOB
RRF Achievement Award
Other
Books - 11 Partner Schools
Forest School - 13 Partner Schools		 2025
£
291,780
364,939
300,000
30,000
528,370
54,000
23,807
90,563
Totalgrantspayable 1,683,459

5 Grant commitments

At 30 June 2025 the charity had committed to make grants in future years, subject to fulfilment of conditions in the following areas

Family Support – new 3-year commitment

Tuition Programmes – Yearly review of Year 5/6 programme. GCSE tuition will renew for another 1 year.

Bursary, Hardship and Other– Reviewed annually.

Payment of these grants is subject to annual review; they may be discontinued if the projects cease to operate or have unsatisfactory outcomes and will be dependent on the charity’s financial position at the time. No provision has been made for future grants in these financial statements.

6 Governance costs

osts
2025
£
2024
£
11,408
13,841
11,408
13,841
Auditor’s remuneration

7 Net income (expenditure) before gains (losses) on investments

Net income (expenditure) before revaluations and investment asset disposals is stated after charging:

2025 2024
£ £
Auditor’s remuneration
. Statutory audit
- Currentyear charge 11,408 13,841

8 Staff costs and remuneration of Governors and key management personnel

The Foundation had no employees in the year (2024 - none) and therefore incurred no wages, salary or pension costs. No employee earned £60,000 per annum or more during the year (2024- none).

Richard Reeve’s Foundation 24

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Notes to the financial statements 30 June 2025

The Governors consider that they comprise the key management personnel of the charity in charge of directing and controlling the Foundation. The total remuneration (including taxable benefits and employer’s pension and National Insurance contributions) of the key management personnel for the year was £nil (2024 - £nil).

No Governor has received any remuneration (directly or indirectly) from the Foundation (2024 - £nil). £nil was reimbursed to governors during the year for travel expenses (2024 - £nil).

9 Taxation

Richard Reeve's Foundation is 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 properties

perties
2025
£		 2024
£
At valuation
At 1 July
Revaluation during the year
At 30 June
10,930,000
(50,000)		 11,150,000

(220,000)
10,880,000 10,930,000

By property:

2025
£		 2024
£
40 Beak Street
1/3 Upper James Street		 5,790,000
5,090,000
5,340,000

5,590,000
10,880,000 10,930,000

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 1/3 Upper James Street, as at June 2025 has been approved by the Governors. The valuations reflect market conditions.

Richard Reeve’s Foundation 25

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Notes to the financial statements 30 June 2025

11. Listed investments

At 1 July
Movements in the year
Additions
Funds Extracted
Unrealised gains (losses)
Market Value At 30 June		 2025
£
2024
£ restated
42,613,066
36,957,744
50,000
100,000
2,203,358
5,605,322
44,716,424
42,613,066
2025
£
2024
£ restated		 2025
£
2024
£ restated
42,613,066
36,957,744
50,000
100,000
2,203,358
5,605,322
44,716,424
42,613,066
2025
£
2024
£ restated
2025
£
Listed investments comprise:
UK fixed interest
UK Equities
Overseas fixed interest
Overseas equities
Property
Others
Total
Cash held by investment manager for reinvestment
Total		 5,413,732
6,679,533
445,365
28,029,316
1,080,878
2,237,758
43,886,582
829,842		 5,369,952
6,532,014
466,987
26,693,748
1,054,987
2,271,045
42,388,732
224,334
44,716,424 42,613,066

No investments were individually more than 5% of the Foundation’s listed investments.

12. Debtors
rs 2025
£
2024
£
-
91,789
-
91,789
2025
£
2024
£
4,959
90
16,145
18,834
52,731
61,280
92,330
94,205
Other debtors and prepayments
Other creditors
VAT payable
Accruals
Deferred Income
Total Creditors 166,165
174,409
Deferred Income 2025
£
94,205
1,875
92,330
92,330
Deferred income at 1 July 2024
Amounts released from previous periods
Amounts deferred duringtheyear
Total of the amount carried forward

13. Creditors

Deferred income relates to rental income being recognised in the period it relates to.

Richard Reeve’s Foundation 26

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Notes to the financial statements 30 June 2025

14. Analysis of net assets between funds

Fund balances at 30 June 2025 are represented by:
Investment properties
Listed investments
Short term deposits
Other net current Assets		 Unrestricted
funds
£
-
2,210,006
-
102,647
2,312,653		 Endowment
fund
£
10,880,000
42,506,418
-
-		 Total
£

10,880,000

44,716,424

-

102,647
53,386,418
55,699,071
Unrestricted
funds
£		 Endowment
fund
£		 restated
Total
£
Fund balances at 30 June 2024 are represented by:
Investment properties
Listed investments
Short term deposits
Other net current assets		 -
2,310,006
-
164,080		 10,930,000
40,303,060
-
-		 10,1930,000

42,613,066

-

164,080
2,474,086 51,233,060
53,707,146

Endowment fund

The historical value of the original 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:

2025
£
2024
£ restated

9,721,232
9,771,232
2,203,358 5,605,322
11,924,590 15,376,555
15,376,555 11,974,079
--
15,376,555 11,974,079
2,203,358
5,605,322
11,924,590
5,605,322
Unrealised gains included above:
On investment properties
On listed investments
Total unrealised gains at 30 June
Reconciliation of movements in unrealised gains
Unrealised gains at 1 July
Less: in respect to disposals in the year
Add: net gains arising on revaluation in the year
Total unrealisedgains at 30 June

15. Lease commitments

As at 30 June 2025 the charity had no commitments (2024– £nil).

16. Liability of members

The charity is constituted as a company limited by guarantee. In the event of the charity being wound up, members are required to contribute an amount not exceeding £1.

17. Related Party Transactions

During the year ended 30 June 2024 there were no related party transactions (2024: £nil).

Richard Reeve’s Foundation 27

Docusign Envelope ID: 980DCC42-78AF-4A48-AD3A-236E9790E367

Notes to the financial statements 30 June 2025

  1. Prior year adjustment

A prior year adjustment has been recognised in relation to the year ended 31 March 2024 relating to income due from one of the Investment managers. An amount of £102,833 had been included within the Cash at bank but not removed from the year end Listed Investments held.

This has now been corrected resulting in a decrease in Listed investments held and a decrease in Net gains (losses) on listed investments during the year of the same amount. This adjustment decreased the Net income for the year ended 2024 by £102,833 from £4,953,945 to £4,851,111.

Richard Reeve’s Foundation 28