DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
**REGISTERED CHARITY NUMBER: 1154027**
**Report of the Trustees and**
**Unaudited Financial Statements**
**for the Year Ended 31 December 2022**
**for**
**Reed Family Foundation**
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
**Reed Family Foundation**
## **Contents of the Financial Statements for the Year Ended 31 December 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**||5||
|**Notes to the Financial Statements**|6|to|11|
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
## **Reed Family Foundation**
## **Report of the Trustees for the Year Ended 31 December 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
The charity's objectives are to further such exclusivity charitable purposes according to the law of England and Wales as its trustees in their discretion determine from time to time.
The charity makes grants to organisations and individuals for exclusively charitable purposes.
The charity has a grant-making policy in place which sets out priorities for funding, the process the trustees follow in making grants and what is required from grant recipients in terms of monitoring and reporting.
The Trustees confirm that they have complied with their duty to have due regard to the Charity Commission's general guidance to charities on public benefit.
## **ACHIEVEMENT AND PERFORMANCE**
No donations were received in the year and the charity committed to making 1 grant totalling £8,320 (2021:2 grants totalling £52,500) out of resources brought forward from the previous year.
The trustees are seeking to award grants utilising income in the year together with capital brought forward. Given the current uncertainty which has impacted on the portfolio value the trustees are limiting the grants awarded in the interest of ensuring the charity has a long term future.
## **FINANCIAL REVIEW**
## **Financial position**
During the year under review, total income was £2,227 (2021: £2,035) total expenditure was £25,152 (2021: £66,534) and net losses on investments totalled £474,010 (2021:Gain £246,805), resulting in the unrestricted reserves for the year carried forward of £1,356,010 (2021: £1,852,945).
## **Reserves policy**
The charity has significant reserves and the charity pays grants based on its ability to do so taking into account commitments already made. The reserves policy of Reed Family Foundation is to maintain sufficient free reserves (total reserves less restricted funds and fixed assets) to enable the charity to meet these grant making objectives. The current level of free reserves is shown on the Balance Sheet.
## **FUTURE PLANS**
The trustees intend to continue to identify projects worthy of charitable support throughout the next financial period. The trustees shall continue to review the grant-making strategy and the priorities for funding.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The charity's governing document is its Constitution adopted on 1 October 2013 as amended on 20 January 2015, and it is constituted as a "Charitable Incorporated Organisation" (CIO).
Apart from the first trustees, new trustees will be appointed by the founding trustee, Richard Reed in accordance with clause 10 of the governing document. If he ceases to be a trustee, the remaining trustees have power to appoint new trustees.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Charity number**
1154027
Page 1
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
**Reed Family Foundation**
## **Report of the Trustees for the Year Ended 31 December 2022**
## **Principal address**
Womble Bond Dickinson The Spark, Draymans Way Newcastle Helix NEWCASTLE UPON TYNE NE4 5DE
## **Trustees**
R Reed CA Reed KE May
## **Independent Examiner**
Christopher Beaumont BA(Hons) BFP FCA DChA Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT
Approved by order of the board of trustees on 31 March 2023 and signed on its behalf by:
R Reed - Trustee
Page 2
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
## **Independent Examiner's Report to the Trustees of Reed Family Foundation**
## **Independent examiner's report to the trustees of Reed Family Foundation**
I report to the charity trustees on my examination of the accounts of Reed Family Foundation (the Trust) for the year ended 31 December 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Christopher Beaumont BA(Hons) BFP FCA DChA
Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT
31 October 2023
Page 3
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
## **Reed Family Foundation**
## **Statement of Financial Activities for the Year Ended 31 December 2022**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
**Raising funds**
Investment management costs
3
**Charitable activities**
4
Grants payable
Support costs of grant making
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2022
Unrestricted
fund
£
2,227
9,004
9,004
8,320
7,931
25,255
(474,010)
(497,038)
1,852,945
1,355,907|2021
Total
funds
£
2,035
10,647
10,647
52,500
3,387
66,534
246,805
182,306
1,670,639
1,852,945|
|---|---|---|
The notes form part of these financial statements
Page 4
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
## **Reed Family Foundation**
## **Balance Sheet 31 December 2022**
|Notes
**FIXED ASSETS**
Investments
9
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds
**TOTAL FUNDS**|2022
Unrestricted
fund
£
1,305,156
56,452
(5,701)
50,751
1,355,907
1,355,907
1,355,907
1,355,907|2021
Total
funds
£
1,835,909
19,664
(2,628)
17,036
1,852,945
1,852,945
1,852,945
1,852,945|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 March 2023 and were signed on its behalf by:
R Reed - Trustee
The notes form part of these financial statements
Page 5
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
**Reed Family Foundation**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Charity status**
The Reed Family Foundation is a CIO registered with the Charity Commission. The Charity's registered number and office can be found on the report of the trustees. The charity is a Public Benefit Entity as defined by FRS 102.
## **Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **Critical accounting judgements and key sources of estimation uncertainty**
In the application of the charity's accounting policies the Trustees are required to make judgements, estimates and assumptions about the carrying amount of certain assets and liabilities. The estimated and associated assumptions are based on historical experience and other factors that are considered to be relevant.
Due to the non complex nature of the charity's operations in the opinion of the trustees there are no key judgements or estimation uncertainties that need to be considered when preparing the financial statements.
## **Incoming resources**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
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. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of these conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Donations in the Statement of Financial Activities include any associated gift aid.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from tax on its charitable activities.
continued...
Page 6
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
## **Reed Family Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
All funds held at 31 December 2022 and 31 December 2021 together with all transactions throughout the years related to unrestricted funds.
## **Financial instruments**
The charity has financial assets and financial liabilities as basic financial instruments. They are initially recognised at transactions value and subsequently measured as their settlement value, with charges recognised in profit or loss.
## **Investments**
Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. Any gains or losses on revaluation are taken to the Statement of Financial Activities. Where a reliable valuation cannot be obtained investments will be held at cost.
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||2022|2021|
||£|£|
|Dividends received|541|2,030|
|Bank account interest|1,686|5|
||2,227|2,035|
|**INVESTMENT MANAGEMENT COSTS**|||
|Investment advice|2022
£
9,004|2021
£
10,647|
## **3. INVESTMENT MANAGEMENT COSTS**
## **4. CHARITABLE ACTIVITIES COSTS**
|Grant
funding of
activities
Support
(see note
costs (see
5)
note 6)
£
£
Grants payable
8,320
-
Support costs of grant making
-
7,931
8,320
7,931|Totals
£
8,320
7,931
16,251|
|---|---|
continued...
Page 7
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
**Reed Family Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **5. GRANTS PAYABLE**
The total grants paid to institutions during the year was as follows:
**----- Start of picture text -----**
2022 2021
£ £
Greenpeace 50,000
Stories for Change 2,500
Nicoya Peninsula Waterkeeper 8,320
8,320 52,000
6. SUPPORT COSTS
2022 2021
£ £
Legal & professional fees 5,043 118
Independent examination 2,970 1,900
Foreign exchange differences (82) 1,369
7,931 3,387
**----- End of picture text -----**
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
**Raising funds**
Investment management costs
**Charitable activities**
Grants payable
Support costs of grant making
**Total**
Net gains on investments|Unrestricted
fund
£
2,035
10,647
10,647
52,500
3,387
66,534
246,805|
|---|---|
continued...
Page 8
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
## **Reed Family Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**9.**
**FIXED ASSET INVESTMENTS**
Shares
Other
Additional information as follows:
**MARKET VALUE**
At 1 January 2022
Additions
Disposals
Revaluations
At 31 December 2022
**NET BOOK VALUE**
At 31 December 2022
At 31 December 2021
**Investment Summary**
The investments held are as:
Cost or valuation at 31 December 2022 is represented by:
Valuation in 2021
Valuation in 2022
Cost|2022
£
1,102,923
202,233
1,305,156||Unrestricted
fund
£
182,306
1,670,639
1,852,945
2021
£
1,827,193
8,716
1,835,909
Listed
investments
£
1,827,193
344,704
(398,311)
(670,663)
1,102,923
1,102,923
1,827,193
Listed
investments
£
842,226
(670,663)
931,360
1,102,923|
|---|---|---|---|
continued...
Page 9
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
## **Reed Family Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **9. FIXED ASSET INVESTMENTS - continued**
|Far East
North America
International
Total
Investments (neither listed nor unlisted) were as follows:
Cash held in portfolio
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**11.**
**MOVEMENT IN FUNDS**
At 1.1.22
£
**Unrestricted funds**
General fund
1,852,945
**TOTAL FUNDS**
1,852,945
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
2,227
(25,255)
**TOTAL FUNDS**
2,227
(25,255)|||**Cost**
**£**
38,569
303,181
589,610
931,360|**Current value**
**£**
37,906
360,030
704,989
1,102,925|**Current value**
**£**
37,906
360,030
704,989
1,102,925|
|---|---|---|---|---|---|
||||2022
£
202,233
2022
£
5,701
Net
movement
in funds
£
(497,038)
(497,038)
Gains and
losses
£
(474,010)
(474,010)||2021
£
8,716
2021
£
2,628
At
31.12.22
£
1,355,907
1,355,907
Movement
in funds
£
(497,038)
(497,038)|
continued...
Page 10
DocuSign Envelope ID: E0C90150-A1E5-448C-A517-A2EAE774CD6D
**Reed Family Foundation**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **11. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are as
Incoming
resources
£
**Unrestricted funds**
General fund
2,035
**TOTAL FUNDS**
2,035|At 1.1.21
£
1,670,639
1,670,639
follows:
Resources
expended
£
(66,534)
(66,534)||Net
movement
in funds
£
182,306
182,306
Gains and
losses
£
246,805
246,805|At
31.12.21
£
1,852,945
1,852,945
Movement
in funds
£
182,306
182,306|
|---|---|---|---|---|
Unrestricted funds are held to make grants to projects worthy of charitable support as identified by the trustees.
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2022 or 31 December 2021.
Page 11