Charity regis¢r*lion number 120421S DE REUS FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD F.NDF.D 31 AUGUST 2024
DE REUS FOUNDATION LKGALAND ADMINISTRATIVE INFORMATION Trustees Samantha Dc Reus Martina De Reus Lisa Marie Gevaux Charity number 1204215 Prineip¥l address 8A Madingley Road Cambridge United Kingdom CB3 OEE AttOUDt2n¢s David Howard I Park Road Hamplon Wick Kingston Upon Thames KTI 4AS
DE REUS FOUNDATION CONTENTS PAge Trustees report Accountants, report Siatement of financial activities Balance sheei Notes to the financial statements 7-10
DE REUS FOUNDATION TRUSTEES REPORT FOR THE PERIOD ENDED 31AUGUST2024 The Trusiees present IheiT annual report and financial staments for ihe Period eTrJed 31 August 2024. The financial $thments have been prepared in cOrdanCe with the accounting policies sct out in te I to thc financial ststements and comply wilh the Charity's governing documenl, Ihe Charitlcs Aci 2011 "Accounting and Reporting by Chariiies= Statement of Recommended Prdclice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK aThJ Republic of Ireland (FRS 102)" (effective l January 2019). Objettfvej and a¢livi¢leJ The objeets of the CIO are: l) to promote art for the ben¢fil of the public by the estsblishment and maintenance of an art gallery. 2) for the public benefit to promote the edutiOn (including laT and physical training) of people in England and Wales in such ways 18 the chariry EntreS think fi( including by awarding to such persons scholarships, maintenance allowances or grants tenable ai any University. College or insiiwuon of Hir Education and financially support Universilies. The TnLslees have paid due regard to 8uidancc issued by the Charity Commission in decidin8 what a¢livities the Charity Should undertake. W¢ operate a free enty, exhibi11 only art gallery provide accessible art for the 8¢Kra] publi¢. The foundation supwrts young artists by providing an exhibition spxe for them. Volunteers contributr their tim¢ to inviwlate the 8allery kw it open the public. Ptsblic benefii The Trusiees have paid due regard guidantt iss1 by the Charity Commission in deciding what activities th¢ Charity should undertskc. Achlevements ahd Performa¢¢ (h)e of the main achievements of the charity hL8 been producing multiplc. free entry art exhibilions. making art accessible for the genernl public, and exhibitin8 muliiple young artists, from around the UK. Gallerie V is a great attraction in the centre of Cambridge. FlnDclal rcvlew During the rIOd Ihc charity had irtome resou of £Nil and a t(*al expendiDJre of £1.5Crf) resulting in net deficit of £1,5. ReJeryeJFYJlicy It is the FM)li¢y of the Charity that unrestricled funds which have not en designaied for a specific use should Ix maintsined at a level equivaleni lo between three and six month's expenditure. The Trustces considcr that reserves at this lev¢1 will ensure thai in the event of a signifjcani drop in fundin& they will be able io coniinuc th¢ Charity's current activilies while consid¢raiion is given io way5 in which p•Aditionai fimd5 may be raised. This level of reserves has bccn mainlairKd through0 the Peri(ya.
DE REUS FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE PERIOD ENDED 31 A UGUST2024 Risk management Trustees assess any major risks to which the organisation is ex)ged. These include risks related to its operations and finances. Trustees ensure that the appropriate policies and systems are in place lo manage and mitigate risk exposure. Plans for future perlods In the upcoming ear, the Charity has many plans. We are in discussion with the local arr museums about supporting a youth project. Also, there are discussions with Cambridge University aknut sponsoring a Mlsters Prograrnme. The De Reus Foundation will continue lo support all of the upcoming youth art exhibitions at Gailerie V, which run continuously. We also plan to discuss fundraising for the Foundation. Strncturei goverDance and management The Charity is a charitsble incorporated organisation and rcgistered as a charity Wlth the Charity Commission (charity number 1204215). Thc charity is e5tsblished under a wri(ten consiifulion oudines the objects and power5 of the charily and is also govemed under this constitution. The TnISe5 who served during the Period and up the date of signature of the financial ststements were: Samantha De Reus Martina Dc Rcus Lisa Marie Gevaux Trustees are appointed by ordirkary resolution of the members.
DE REUS FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE PE0D ENDED 3JAUGUST 2024 ststement of Thi$tees rpOnSIbIlItIeS The Trustees are responsible for prcparing the Trustees Report and the financial statements in accordance with applicable law artd United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Prn¢tice). The la. appli¢able io charilies in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and applicalion of resources of the Charity for ihat Period. In preparing these financial sialements, the Ttijstees are required to: - select suitablc accounting policies and then apply them Gonsistently- - observe the methods and principles in the Charities SORP. - make judgements and estimates that are reasonable and prudenl. stale whether applicable accounting standwds have been followed, subject to any material departures dis¢los¢d and explained in the financial statements: and prepare the financial ststem¢nts on the going concern basis unless it is inappropriate lo presume th81 the charity will continue in oFrdtion. The Trustees are responsible for keeping sufficient accounting records that disclose wtth reasonable accuracy at any time thc financi rM)sition of thc Chariry and enable them to ensure that the financial SEatrments comply with the Charities Aci 201 I, the Charity (AccounLS and Reports) Regulaiions 2008 and the provisions of the tr( deed. They are also re5pon5ible for safeguarding Ihe assets of the Charity and hen¢e for taking reasonable steps for the prevention and detection of fraud atNJ other irregullties. The Trustees report was approved by the Board of Trustees. Samantha De Reus Trustee 30-06-2025
DE REUS FOUNDATION CHARTERED ACCOUNTANTS, REPORT TO THE TRUSTF.F.&i ON THF. PRFPARATION OF THF. UNAUDITED STATUTORY FINANCIAL STATEMF.KFS OF DE REUS FOUNDATION FOR THF. PEIUOD ENDED 31 AUGLST 2024 In order to assist you to fulfil your duties under the Charilies Aet 2011, we have prepared for your approval the financial slatements of tk Reus Foundation for Ihc Peri ended 31 August 2024, which comprise the 5tstement of financial aclivities and ihe related notes fri)m the eharity's )untIng records and from infomlation and explanatio you have given us. As a praciising member firm of the Instilufr of Chartered Accowilants in England and Wales, we are subject to its ethical and other professional requirements which are dclailed ai hiips'.Ilwwiv.icaew.comlregula¢ion. This rep4)rt is made to the charitys Truse& Ls a iKJy. in with the terrns of our engagement letter dated 1110312025. Our work has been underlaken solely to prepare for your approval the financial sratemen of De Reus Foundaiion and stale those matter5 that we have agreed lo stale to the ¢hariWs Trnstees, as a body. in this report in accordance with ICAEW Technical Release 07116 AAF. To lh¢ fullest exteni perni1td by law, we do noi accept or assume responsibility anyone oth¢r than tk Rews Foundation and the charitys Tnte¢S as a tdy, for our work or for this reFrf)rt. It is your duty to ensure that Dc Reus Found10 has kepi *quaR accountin8 records and to prepare statuiory financial stslements that give a true arbd fair view of the asset& liabilities. financial position and deficit of tk Reus Foundalion. You consider thai tk Reus Foundation is cxempl from the stalury audil requirement for the Period, and is nol required io obthin an iThkpendent examinerfs report. We hav¢ not been instrucied to Cary out an or a review of the financial ststements of Ik Rcus Foundation. For this reason, we have TK)t verified ihe accuracy or completenes5 of the a¢couniing records or inforniation and explan&ions you have given to us w¢ do rrt thercfore. express opinion on the ststu(ory financi $lal¢m¢nts. Davld Howard 30-06-2025 Chartered Attountsnti I Park Road Hampton Wick Kirtgslon Uw)n Thames KTI 4AS
DE REUS FOUNDATION STATF.MENT OF FINANCIALACTtVITIF.S INCLUDtNG INCOME AND EXPKNDITURE ACCOUNT FOR THE PERIOD ENDED 31AUGUST2024 Unrdtrltied fundy Notrs Expenditure on.. Charitable activities 1,5IXI Totsl expenditure i.s(K) Net expenditure and movement in funds (1.500) Re¢ontlllatloD or runds: Fund balances at 3 Au8USt 2023 Fund bai#DceJ lit 31 AuguBt 2024 (1,500) The stlltement of financial activities includes o118ains and losses recognised in the Period. All income and expendiwre derive from continuing aciivilies.
DF. RF.US FOUNDATION BALANCE SHEF.T ASA T31AUGUST2024 2024 Notey Current AsseLq Creditors: amounts fAIIIDg due wlthln onc year (1.500) Net eurreni Ilbllltles (1,500) Net A&qets excludlng pension Ilblllty {1,5¢) The funds of tbe Ch*TIty Unrestricted funds (1.5(X)) {1.500) 30-06-2025 The financial statcments were approved by the Trusices on ................ ........ SamanthA De R¢us Trustee
DE REUS FOUNDATION NOTES TO THE FINANCIAL STATEMF.NTS FOR THE PERtOD ENDED 31 AUGUST 21124 Accounting policies Charity information The Charity is a charitable incorporated organisation and regislered as a charity with the Charity Conimission (Charity number 1204215). Thc charity is estsblished under a wrÉtten constitution that outline8 ihe objects and powers of the charity and is also governed under this ¢onslitulion. 1.1 Accounting convention The financial siatements have been prepared in accordance with the Charity's governing document, the Chari(ics Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and ihe Charities SORP 'Accouniing and Reporting by Charities.- Statement of Recomrtkended Practice applicuble to ¢hariii¢S preparing their accounts in accordance wilh the Financial Reporting Stsndard applicable in ihc UK and Republic of Ireland IF RS 102)" (effective l January 2019)- The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantsge of the provisions in the SORP for charities not to prepare 8 Sts*meni of Cash Flow5. The financial staiemer)ts are prepared in Sierling, which is the functional currency of the Chariry. Monetsry amounts in these financial statements are rounded to the neaTCSi £. The financial stsrements have been preparcd under the historical cost conveniion. The principal accounting w>licies adopted are set out below. 1.2 Going concern Ai the lime of approving ihe financial statements, the TruSeS have a rcasonable expectation that the Charity has adequate resources to continue in opcraticbnal existence for the foreseeable future. Thus the Tn]stees conlinuc to adopt ihe going conccrn basis of acLounting in preparing the financial SCaMents. 1.3 Cb#rilable funds Unrestricted funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives. Resiricted funds are subject to specific conditions by donors or grantors as to hom, the). may be used. The purposes and uses of the restricted funds are set out in the notes lo the fInancE statemenls. F.ndowmen¢ funds are subject 10 specific eorbdilions by donors that the capital must be tnaintsitKd by the Charity. IA Income Income is recognised when the Charity is l¢g&lly eniitlcd io il after anj perfonnance ¢oDditions have been me¢ the &mounts can be measured reliably, and il is probable thai income will be received.
DE REUS FOUNDATION NOTES TO THE FINANCIAL sfATEMEIWTS {CONTINUED) FOR THEPERIOD EIVDED 31AUGUST2024 Aecounting policies (Contlnued) Cash donations are recognis¢d on recetpt. Other &>nations are recognised once the Charity h&8 bccn noiified of the donaiion. unless perfomiance ¢ondilions require deferral of the amount. Income tax recoverable in relarion to donations received under Gift Aid or deeds of covenant is recognised at the lime of the th)nation. Lcgacies are recogni5ed on receipt or othenvise if the Charity has been notified of an impending distribuiion, the amouni is known, and r¢¢eipi is expecied. If the amounl is not known, Ihe legacy is treated as a contingent assd. 1.5 Expenditure Expendin]re is recognised once there is a legal or cOnCtiVe obligation to transfer economic benefit to a third party. it is probable thai a transfer of economic benefits will required in settlemenl and the amount of the obligation can be measured reliably. Expenditure is Classified by activity. The costs of each activity are made up of the total of direct costs and sharcd costs. including support cosis involved in undertaking each activity. Direct costs attributable to a single acuviry are allocated directly to thai aciivity. Shared costs which contribuie more than one activiry and supw)rt costs which are noi 8llributsble to a single activity are apportiord between those activities on a basis consisieni M'ith the usc of resources. Central staff costs are all¢xated on the basis of time SFtnL and depreciation charges are allrKated on the portion of the assei's use. 1.6 Cxxh and cash equivalents C&sh and cquivaicnts include in hand. deposits held at call with bank%. other short-tern) liquid invesmients with original maturities of three months or l¢ss, and bank overdralts. Bank overdrnfts are shown within ix)rrowings in current liabilities. Baslcfinancialassets Basic financiaI assets, which include debtors and cash and bank bas. are initially measured at transaction pri including trdn5a¢iion ¢osts and are subscquently carried at amortised c051 using the effe¢tive interest meth(fvJ unless the arrangemeni constitutes a financing transaction. wh¢rc the transaction is measured at the present vuC of the future receipts dis¢OLhnd at a market rate of interest Financiat assets clwifjed as receivable within year not amortised. B4ficf{nt¢l4l1iabIllIlt$ Basic financial liabiliti4 including creditors and bank loans are initiatly recognised at transaction price unless the arrdngement consiituies a financing transaction. where Ehe debt instrument 15 measured a¢ the pr¢%nt value of the future payments discountrd & a markei re of interesi. Financial liabililie5 classified as payable within one year are not amortiscd. Debt instruments are subsequently carried at amortised cos4 using the effective interest rate metFrfxl. Trade Credit are obligations to FAY for gth or S¢TViCCS have been acqutred in the ordinary Course of op¢rolions from suppliers. Amounts payable are classified as current liabiliiies if payment is du¢ within one year or less. If no( they are presented &% non•curreni liabilities. Trade crediiors recognised initially & transaction price and subsequenily Mred at amortised CO using the eff¢¢iiv¢ interest method.
DE REUS FOUNDATION NiyfES TO THE FINANCIAL sfATEMEMfs (CONTINUED) FOR THE PERfoD ENDED 31 AUGUST2024 Accounting poli¢ieJ (Continued) Dérecognlilon olfinancial li4bilities Financial liabilities are derecogni5¢d when the Charity's cOntrlu3] obligations expire or are disC8¢d or cancelled. Critical atcountlng esllmates and Judgements In the application of the Charity's ¥£couniin8 p)Iicic5. the TnL%tres are required to make judgemen14 estimates and assumptions atKJui the carrying amount of &ss¢ts and liabililics thal are not readily apparenl from oiher sources. The esiimates and associated asswnplions are based on hislorical experience and other faciors thal are considered io relevant. Acluai results may differ from th¢sc estimates. The estimates and underlying assumpiions are revi¢wed on an ongoing b75. Revisions to accounting estimates are recognised in the peri(MJ in which the cstimak is revised where th¢ revision affects only that peri¢>J. or in the period of the revision and future periods where the revision affects both currenl and fulure periTrJs. Expendlture on ¢hiritsble ttivilies Total 2024 Shre ofsupport ind governance costs (see Do¢e ) Accounlancy fee 1,500 ADxlysis by fund Unrestricled funds .500 Try5ttts None of thc Trusiees {or any persons conne¢lcd with them} rK¢ived any remuneration or Ixnefits from the Charity during the Period. Employ¢¢4 The average monthly number of employees durin8 the Period was: 2024 Number There were no ¢mployees whose annual remurKralion was more than £60,(KK).
DF RF.US FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTtNUF.D) FOR THE PERIOD ENDED 31 A UGusf2024 Taxation The charity is exempt from ¢&xaiion on its activities beCae all its i)Me is applied for charitsble purposes. Creditors: amounts falling due Ivithin one year 2024 Accruals and deferred income 1.51x1 Unrestrieted funds A13 Augusl 2023 Resourtts At 31 August expended 2024 General fvnds (1.5) {1.500) Related party transactions There were no disc105abl¢ relatrd paty transactions duTing the PeriLxI ( - none). 10 OytstandiDg GuraDtees Civen by the Charity There wer¢ no guaranes given by the chariry during the year. 11 Outstanding Debt There is no outsLqnding debt at the end of the year which is subject to a clwge on the Charity's assets. 10-