**Charity registration number 1204215**
## **DE REUS FOUNDATION**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2025**
## **DE REUS FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Samantha De Reus|
|---|---|
||Martina De Reus|
||Lisa Marie Gevaux|
|**Charity number**|1204215|
|**Principal address**|8A Madingley Road|
||Cambridge|
||United Kingdom|
||CB3 0EE|
|**Accountants**|David Howard|
||1 Park Road|
||Hampton Wick|
||Kingston Upon Thames|
||KT1 4AS|
**DE REUS FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 3|
|Accountants' report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 12|
## **DE REUS FOUNDATION**
## **TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
The Trustees present their annual report and financial statements for the year ended 31 August 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 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 UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
The objects of the CIO are:
1) to promote art for the benefit of the public by the establishment and maintenance of an art gallery;
2) for the public benefit to promote the education (including social and physical training) of people in England and Wales in such ways as the charity trustees think fit, including by awarding to such persons scholarships, maintenance allowances or grants tenable at any University, College or institution of Higher Education and financially support Universities. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
We operate a free entry, exhibition only art gallery to provide accessible art for the general public.
The foundation supports young artists by providing an exhibition space for them.
Volunteers contribute their time to invigilate the gallery to keep it open to the public.
## _Public benefit_
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
## **Achievements and performance**
One of the main achievements of the charity has been producing multiple, free entry art exhibitions, making art accessible for the general public, and exhibiting multiple young artists, from around the UK.
Gallerie V is a great attraction in the centre of Cambridge.
## **Financial review**
During the year the charity had income resources of £143,000 (2024 £Nil) and a total expenditure of £92,376 (2024 £1,500) resulting in net surplus of £50,624 (2024 £1,500 deficit).
## _Reserves policy_
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
- 1 -
## **DE REUS FOUNDATION**
## **TRUSTEES REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **Risk management**
Trustees assess any major risks to which the organisation is exposed. These include risks related to its operations and finances. Trustees ensure that the appropriate policies and systems are in place to manage and mitigate risk exposure.
## **Plans for future periods**
In the upcoming year, the Charity has many plans. We are in discussion with the local art museums about supporting a youth project. Also, there are discussions with Cambridge University about sponsoring a Masters Programme.
The De Reus Foundation will continue to support all of the upcoming youth art exhibitions at Gallerie V, which run continuously.
We also plan to discuss fundraising for the Foundation.
## **Structure, governance and management**
The Charity is a charitable incorporated organisation and registered as a charity with the Charity Commission (charity number 1204215). The charity is established under a written constitution that outlines the objects and powers of the charity and is also governed under this constitution.
The Trustees who served during the year and up to the date of signature of the financial statements were: Samantha De Reus
Martina De Reus Lisa Marie Gevaux
Trustees are appointed by ordinary resolution of the members.
- 2 -
DV. IiV.111 F()IINI)ATIC)N
TIIII%TF.b:.S RF.IY)RT (CUNTINIIF.D)
FOR THE Y&4R ENDED JI AUGusf2025
.Ststeme*t of rtJw)ttslbllli
The Tnisiee% arc 5[%)nsIble for prcparinB Ihe Truitees ReFK)rt •nd th¢ financial slaiemenls in •c¢ordanc¢ wilh
applicable law and United Kin8dom Accouniing Sthndlrds (United Kin8dom (i¢ncrnlly AcceNcd Accountin8
PTttlice).
The law applicable lo charities in EnBland and Wale5 requires Ihe Tru51ee5 lo prepare financial siatemenis for
each financial vear which give a Ime and fair view of ihe 5taic of Affai of Ihc Clwity and of the in¢omin8
resour¢es and applicaiion of r¢sources of1 Charity Ihai year.
In prepftring these fina11 statement¥ the TrYe¢S are required to..
- select suitable a¢counting lIcieS and then PIY ihem consi51ently;
- observe the meth¢xls and principles in Ch&riii¢s SORP;
- make judgements and estim¢5 that ar¢ reasonable prudent;
stste wheiher appli¢able 4¢eountin8 Standard5 h4ve been followed. Subje ty any material departures
dis¢los¢d and explained in the fina14] Stslcments. and
Prepare the financial statements on the 80in8 concern b¥is unl¢ss it is in4pwopriale lo presume that the
¢harity will ¢oniinue in operaiion.
The Trustecs are resp)nsible for keeping svITicient accounling record$ thal disclose with reasonabl¢ accuwy
at any time the firwncial wsilion of the Charity and enable them to ensure that the financial ststements
comply wilh the Charities Act 2011. Ihe Charity (Accounts and Reports) Re8ulaiions 2CK)8 and lh¢ provisions
of the trust deed. They Arc also rcsw)nsibl¢ for safeguarding lh¢ &59ets of ihe Charity and hence for lakin8
reasonable sieps for th¢ pffvention and dciection of fraud and other irr¢gulariii¢s.
The TnJst¢es rel was Approved by the Board of Tntea.
Samantha tk Reus
Trnstee
## **DE REUS FOUNDATION**
## **CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DE REUS FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2025**
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of De Reus Foundation for the year ended 31 August 2025, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement letter dated 11/03/2025. Our work has been undertaken solely to prepare for your approval the financial statements of De Reus Foundation and state those matters that we have agreed to state to the charity's Trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than De Reus Foundation and the charity's Trustees as a body, for our work or for this report.
It is your duty to ensure that De Reus Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of De Reus Foundation. You consider that De Reus Foundation is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of De Reus Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
**David Howard**
30-03-2026 .........................
**Chartered Accountants**
1 Park Road Hampton Wick Kingston Upon Thames KT1 4AS
- 4 -
## **DE REUS FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations and legacies|**3**|143,000|-|
|**Total income**||143,000|-|
|**Expenditure on:**||||
|Charitable activities|**4**|92,376|1,500|
|**Total expenditure**||92,376|1,500|
|**Net income/(expenditure) and movement in funds**||50,624|(1,500)|
|**Reconciliation of funds:**||||
|Fund balances at 1 September 2024||(1,500)|-|
|**Fund balances at 31 August 2025**||49,124|(1,500)|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 5 -
DE RF.Il•b FOUNDATII)N
BALANCF. SHEF.T
ASA TJIAUGusf2025
2023
Noteg
CunTnt assets
Cash at bank and in hand
55.661
Crnllttbr¥: amounts hllini due vAthl4
o*t y¢ar
io
(6537)
(1.500)
Net current Isset(lIabUI1Ies)
49,124
{1.500)
Flet ltts eludIng ptDsloD liability
49,124
(1.500)
The funds of the Charity
Unrestricted fijnds
49.124
(1.500)
49.124
(1.500)
The financia15tatements were approv by the Tnjstees on.........................
Samantha De Reus
Trustee
**DE REUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
_**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **1 Accounting policies**
## **Charity information**
The Charity is a charitable incorporated organisation and registered as a charity with the Charity Commission (charity number 1204215). The charity is established under a written constitution that outlines the objects and powers of the charity and is also governed under this constitution.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 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.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
## **1.4 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 7 -
## **DE REUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **1 Accounting policies**
## **(Continued)**
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
- 8 -
## **DE REUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **2 Critical accounting estimates and judgements**
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
||**Total**|**Total**|
|---|---|---|
||**2025**|**2024**|
||**£**|**£**|
|Donations and gifts|143,000|-|
## **4 Expenditure on charitable activities**
|Staff costs
Exhibition and prize expenses
Grant funding of activities (see note 5)
**Share of support and governance costs (see note 6)**
Support
Accountancy fee
**Analysis by fund**
Unrestricted funds|**Total**
**2025**
**£**
21,754
7,331
29,085
50,000
10,471
2,820
92,376
92,376|**Total**
**2024**
**£**
-
-|
|---|---|---|
|||-
-
-
1,500|
|||1,500|
|||1,500|
- 9 -
## **DE REUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
|**5**
**Grants payable**
Grants to institutions:
University Of Cambridge
Lucy Cavendish College
-
**6**
**Support costs allocated to activities**
Printing
Council tax
Legal and professional
Sundry expenses
Utilities
Computer running cost
Cleaning
Accountancy fee
**Analysed between:**
Support and governance cost
**Governance costs comprise:**
Accountancy fee|**Total**
**2025**
**£**
25,000
25,000
50,000
**2025**
**£**
318
(3,454)
6,730
43
2,012
4,761
61
2,820
13,291
13,291
**2025**
**£**
2,820
2,820|**Total**
**2024**
**£**
-
-|
|---|---|---|
|||-|
|||**2024**
**£**
-
-
-
-
-
-
-
1,500|
|||1,500|
|||1,500|
|||**2024**
**£**
1,500|
|||1,500|
## **7 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
- 10 -
## **DE REUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **8 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during|the year was:||
|---|---|---|
||**2025**|**2024**|
||**Number**|**Number**|
||1|-|
|**Employment costs**|**2025**|**2024**|
||**£**|**£**|
|Wages and salaries|19,663|-|
|Social security costs|1,778|-|
|Other pension costs|313|-|
||21,754|-|
There were no employees whose annual remuneration was more than £60,000.
## **9 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **10 Creditors: amounts falling due within one year**
|Other taxation and social security
Other creditors
Accruals and deferred income|**2025**
**£**
1,497
2,220
2,820
6,537|**2024**
**£**
-
-
1,500|
|---|---|---|
|||1,500|
## **11 Unrestricted funds**
||**At 1**|**Incoming**|**Resources**|**At**|**31 August**|
|---|---|---|---|---|---|
||**September**|**resources**|**expended**||**2025**|
||**2024**|||||
||**£**|**£**|**£**||**£**|
|General funds|(1,500)|143,000|(92,376)||49,124|
- 11 -
## **DE REUS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
|**11**|**Unrestricted funds**||||**(Continued)**|
|---|---|---|---|---|---|
||**Previous Period:**|**At 1**|**Incoming**|**Resources**|**At 31 August**|
|||**September**|**resources**|**expended**|**2024**|
|||**2023**||||
|||**£**|**£**|**£**|**£**|
||General funds|-|-|(1,500)|(1,500)|
## **12 Related party transactions**
During the year, the charity received donations totalling £143,000 (2024: £Nil) from one of the Trustees and her spouse. These donations were made in support of the charity’s activities. No conditions were attached to the donations, and neither the Trustee nor her spouse received any benefits from the charity as a result of these contributions.
## **13 Outstanding Guarantees Given by the Charity**
There were no guarantees given by the charity during the year.
## **14 Outstanding Debt**
There is no outstanding debt at the end of the year which is subject to a charge on the Charity's assets.
- 12 -