Registered number.. 02025362 Charity number.. 294640 THE READING FOUNDATION (A company limlted by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 THE READING FOUNDATION IA company limited by guaTantee) CONTENTS Page Reference and administrative details of the ChaTity. ts TTUStees and advisers Trustees. report Independent auditOfS' report on the financial sL*ements st*ement of financial activities Balance sheet ststement of cash flows Notes to the financial statements 7-10 12 13 14-26 TrIE READING FOUNDATION {A company Simited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND MEMBERS OF THE COUNCIL AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 The organisation is a charitsble ￿)MpanY ￿"mIted by guarantee. incorporated on 4 June 1986 and registered as a harity on 10 June 1986. Trustees arKI Membets of the Council Mr D Hudsoni Mr J Mislry3 Mr T Evansl Mr M Faulkner2 Mr T Follen2 Mr E Holll Or S Bowen (resigned 1 August 2023} Ms M Murthy3 Mr D Nnabuife lappoinled 23 November 202312 Mrs E S Fallon (appointed 23 November 2023)2 Di J Matthews Mr R Childs, Chair Prof M Parsons. Wice Chair MrA Phadn Mrs C Toms Mr R Huggins Mr A Robson Represenlalive of the Reading S¢hool Alumni 2 Representative of the Governors of Readiag School Representstive of the Reading Sch(x)I Current Parents Company registered number 02025362 Charity regIste￿d nUM￿r 294640 Registered office Reading Schim Erleigh Road Reading Berkshire RG1 5LW Company secretary Miss C Mole Page 1 THE READING FOUNDATION (A ¢ompany limited by guarantee) REFERENCE AND ADMINISTRAllvE DETAILS OF THE COMPANY, ITS TRUSTEES AND MEMBERS OF THE COUNCIL AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Independènt auditors James Cowper Kreston Audit Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG1 8LS Bankers Natsonal Westminstei Bank plc P.0. Box 78 13 Market Pla Reading RG1 2EP Solicitors Mr HJ Dellar Lee Bolton Monier-williams 1 The Sanctuary Westminster London SW1P 3JT Investment Manager CCLA Ir*vestment Management Ltd COIF Chartty Funds Senator Housè 85 Queen Victoria Street London EC4V 4ET Goveming Instruments 1. The Reading Foundation 12946401 (The Company) is regulated by its memorandum and articles of associab.on dated 31 March 1986 as aTnended bv speaal resolutions dated 2 November 1999., 20 September 2018 and 28 November 2019. 2. Reading School ChaTtty 1294640-11 is regulated by a Charity Commission scheme dated the 4th of July 1994 as modified by an order of the Secretary of Stale for Education on the 9th of March 2011 when Reading Schcx)I be￿me an Academy. 3. Reading Sch(K)l Award Fund1294640-21 is reguk4ted by Ihe scheme of the Charity Commission dated the 4th of July 1994 4. The Young BequeSt129464￿3) is regulated by the stheme of the Charity Commission dated the 4th of July 1994. Page 2 ThE READING FOUNDATION IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND MEMBERS OF THE COUNCIL AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 JULY2024 Appointment of Members and Trustees Trustees are appointed by the Foundation Coun￿1 in accordance with the ￿[KIlti.0nS sel out in their Arbcles of Association. Councsl includes nol more than three persons from each of the alumni of Reading School and Parents of students attending Reading Sohcx)l at the time of their appointment. In addition, the Governors ol thè School may appoint no more than three persons. Counal may co-opt Trustees. The Tnjslees are (trawn from a wide range of backgrounds in ￿￿e￿tiOn, professional life and welfare matters relevant to the running and future benefrt of the School. As such, it is not considered necessary for Trustees to undergo formal training for parti￿patiOn in the Foundation's cOurF￿1. Members of the Council, as well as being charity truslees, are also directors of the Readirtg FoundatK)n. Members of the ReadFng Foundation guarantee lo contribute an amount not exceding £1 to the assets gf the Foundation in the event of winding up. All members of the CounrAI, the charitys Trustees. give their Se￿iceS free of Charge. The Clerk undertakes all the administrab.ve work of the charity and maintains the accounting re(x)rds. Page 3 THE READING FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees, being also directors of the Reading Foundation. present their report, together WFth the financial stslements of the Reading Foundation, for the year ended 31 July 2024. The report of the Council is also the directors, report as Tequired by Part 15, chapter 5 of the Companies Act 2006 arsd the Trustees. report as required by Part Vlll ol the Charities Act 2011. The financial statements comply with the requirements of the Charrtable Companls Memorandum and Arbdes of Association, the Charities Statement of Recommended Practice ISORP 20151 and Finanual Reporb"ng Standard 102 IFRS 1021. STRUCTURE. GOVERNANCE AND MANAGEMENT The Reading Foundation is managed in ac(x)rdan￿ vrith its Memorandum and Arhcles of Association131 March 19861. as amended by a Sp￿la1 Resolution, dated 2 November 1999 and h¥0 others dated 20 Septembèr 2018 and 28 November 2019 respectively. The Reading Foundation is the trustee of the Reading Sch(x)I Charity, The Reading School Award Fund and the Young Bequest. Al three are registered a5 linked charities to the Reading Foundation on the Register of Charities. An Older made by the Charity Commission on 5 October 1999 authortsed the Reading Foundation to appoinl an investrnent manager and a fvrther Order made by it on 24 July 2003 enabled the Reading Foundation to operate a lotsl return approach to ils irivestments in reS￿¢t of the Reading Sch￿1 Charity for a limrted pericKI. The CoLtncil (the dire¢lor5 of the Reading Foundation) ate appointed in accordance wth article 30. The Council meets 3 times year to discharge its duties as trustee and to administer the Reading Foundation. The Reading Foundation relies on the powers in its arbcles to adminisler the linked tharibes las provided for by the Scheme of 19941. The Council has the following sutrKommittees: Finance and Execut"ve Commitlees which met 3 t.mes in the year FINANCIAL REVIEW These accounts are the consolidated ac￿￿nts for the Reading Foulldation and the linked charities. collectively The Foundation,. The Foundation's in(*Jme cDnsists of interest and income from units in a basket of Funds administered by CCLA. The structure of the Foundation's Funds. namely the Award Fund la pernianenl endowment restricted fund), the School Charity Ipermanenl endowment fvnctional property wth only net income available for applicatson} and the BEM Young Bequest (expendable endowmentl, has not changeil during the year. The perf0rnan￿ of the stock market ￿ presents the greatest identtfied risk to the Foundation's wellbeing, but the diversity of the Fund5. assets cushions them frtsm extremes of fluC￿ation. The perfomiance of the investment porttolio, covering both capital appreciation ar5d investment weld5, is regtslarfy monitored by the Finance Commrttee which reports to the Coun¢il. The capital appreuation of each of the three Funds in the currerst financial year was as follows-. the Awaid Fund -5.8% , the BEM Young bequest 11.3% and Sd)rxJl Charity 7.5%. On 7th October 2024 the Council passed fresh resolutions under s104A of the Charities Act 2011 to adopt a Total Retum approach to the inveslmenls of the Reading School Chatrty and the School Awards Fund. This resolution gives the Council all ol the ststutory powers in force from time lo time in relation to the investment of the charitses, funds on a lolal retum basis_ As 3 resutt a prior year adjvstrnent has been Pro￿SSed thruugh the acc4Junts. OBJECTIVES AND ACTNinES The Reading Schwl charitys charktable purposes are: Providing land and buildings for use as a s¢hool linduding an Arademy) as defined in seclton 578 of the Education Act 1996. and includes any regulations made under the Education Acts. The income to be used to provide benefits for the school not provided by public funds The Reading Schocl Award Fund's charitable purposes are: Promoting the education of the pupils in the Sch(KA. children about to attend the School and former pupils who attended the School for not less than 2 year5 in patticular in awarding allowan￿, leaving exhibitions and prizes Page 4 THE READING FOUNDATION (A comparry limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 The Young Bequest's charttable objecls are: To provide benefits for the School not provided from Put￿￿C funds and lo promote the edueation of pupils attending the S¢hcx)l. children about lo attend and fomier wjpils who attended lor not less than 2 years The principal aim of the Reading Foundation is to advan￿ the education of the public and, in parti¢ular, to support Reading School {founded in 1125) now operating a5 an Academy, authorised under the Academies Act 2010. Education al the School is free at the point of delivery. The Reading Foundation is Trustee of the Reading School srte. The majority of the site is leased tr) the Academy for a period of 125 years at a peppercom rent whilst buildings that are wholly or partially used for residential a￿mModation are covered under a separate 2 year lease to the Academy. Whilst the School is responsible for the maintenance of the site. where public funds are not available or, as is normally the case, inadequate. each year the Trustee gives thè Sthool sums of money to assist in pawng for that maintenance and for the deVelop￿ent of the School's fa￿lItieS. In 202>24 the FoundatDn commTtted £268,000 of funds to electrical and fire safety work and for repai[5 to the roof, windows and guttering of South House. Of this amount, £88,000 was drawn down by the Sth(K)l in the ￿ancIal year. The Foundation fvnds The Reading Way. an overarching initiative f(ws5ed on disadvantaged pupils. 11 includes both the nationally recognised Future Stories programme and Reading Schwl's own Futrtie Stories International programme. The Reading Way encompasses intervention5 in Leadership, Wembeing and Mental Health and the Student Empowerment Award scheme. The Foundation provided £110,C%JO lo this initiative and lo school prEes in 2023-2024. The Trustees ￿ntinlled to work ckjsety the Headmaster and his Leadership Team during this year to prtjdenlly manage expenditure during periods ol market volatility. The objective of this (x)operation being to protect the assets of the Foundation lor future generations of beneficiaries whilst matntaining essential funding for ¢urrent needs. The Foundation o)ntinues to fund the So(#ety Office. a jLwnt Trustee and School Govemor initiative whose primary objectives are lo eslablish and maintain a (x)mprehensive re(x)rd of the school community, to create a feeling of belonging lo this community and a benevolent attachment to the School for life and lo establish and foster a tradition of giving to the School and Ihe Foundab"on amongst this ￿MMunIty. For the financial year 2023-2024, the Reading Foundation agreed to addilK)nal funding of £30,000 towards 900th Anniversary PlanniTrg costs and have committed the same a￿Ount for finan¢ial year 2024-2025. ACHIEVEMENTS AND PERFORMANCE The Foundation met ils charitable objectwes in the year by continuing to support the WOTk of Reading School as demonstrated by the activities outtined above_ PLANS FOR THE FUTURE To Prog￿$$ the Developmer)t aThJ Funding inittative so that a cukure of philarEthropy betx>mes embedded in the ethos of the School. RESERVES POLICY Cash at bank and monies on depostt represent worting capital available for grants and administrative expenditure ahead of income at certain limes of the year and for contingencies. At 31 July 2024 the charity held unrestricted ￿SerVeS of £3,748,006. On an annual basis. Tm51ees calculate the capital 'surplus' ol the School Charity and Award funds compared to a benchmark of the oftginal values of these funds (in 1994 and 1995 respeclivelyl adjusted for RPI. This guide5 their view of the capactty of the Foundation to hjnd spend from capital and has been used to allocate the unapplied total retum for the pemianent endowment. Page 5 THE READING FOUNDATION {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 PUBLIC BENEFIT The Tnjstees have acted in aCwrdartr￿ wilh the inforniation contained in the Charity Comrnission's general guidall￿ on public benefft when carrying OLtt the purp)w of the Foundatson and in planning ils actsvilies. RESPONSIBILITIES OF ThE COUNCIL The Trustees (who are also directors of The Reading Foundab"on for purposes of Company Lawl are responsible for preparing the Report of the Council and the finanual stalements in accordance wrth applicable law and United ￿"r}gdorn Accounting Standards IUnf(ed Kingdom Generally A￿pted Accounting Praclicel. Company law requiTes the Trustees to prepa￿ financial slatefflents each financial year whith gtve a trLte and fair view of the stste of affai￿ of the Reading Foundation and of the incorning resource5 and application of resources. including the incorne and expenditure, of the Reading Foundation for that period. In preparing these financial ststements, the trustees a￿ required lo.. Select suitsble accounting FK)licies and appty them consistenlly. State whether applicable accounb.ng standards have been fo51owed. subject lo any material departures disclosed and explained in the financial ststements.. Make judgements and eslimates that are reasonable and PTudent'. Prepare Financial Statements on a going con(xm basis unless this is inappropfiate to presume that the Reading Foundat¥)n will continue lo operate. The TrUSt￿S are responsible for keeping proper and adequate aco)uriting records that disclose with reasonable accura¢y al any time the financial position of the Reading Four}dat￿n and enable them to ensure that the financAal statements ¢x)mply with the Companies Act 2006. They are also responsible for safeguarding the ossels of the Reading Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other itregulariknes. In so far as the TrLtstees are aware.. There is no relevant audit information of which the Reading Foundation's auditor is unaware,. and The Trustees have taken all step5 that they ought to have taken lo make themselves aware of any relevant audit infomiation and to establish that the auditor is aware of that informab"on. AUDITORS The audf(ors, James Cowper Kreston Audit. will te proposed for re-apwintment at the forthcoming Annual General Meeting. Approved by order of the members of the tM)ard of Trustees and signed on their behalf by. MrRC Ghairman Date= Is ￿l.--￿ 2tsL Page 6 THE READING FOUNDATION {A company limited by guarantee) INDEPENDENT AUDffORS' REPORT TO THE MEMBERS OF THE READING FOUNDATION Opinion We have audited the financial stateN*nts of The Reading Foundation (the 'charitaNe companll for the year ended 31 July 2024 which comprise the Slatement of ￿nana31 a¢tivities, the Balance sheet. the Statement of cash Ilows and the related notes, induding a summary of signtficar*l accountsng policies. The financial reporting framework that has been applieil in their preparation is applicable law and Untted Kingdom Accounting Slandar(Is, including Finanual Reporb"ng Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally A(xepted Atxounkn"ng Practicel- In our opinion the finanaal statements.. give a trLte and fair view of the stste of the charttable compan￿5 affai￿ as at 31 July 2024 and of ils incoming resources and appliration of resou1￿. incjuding its Inc￿Me and expenditure for the year then ended., have been Pfoperly prepared in acwrdance with Uniled Kingdom Generally A￿epted A¢(x)unting Practice,. and have been prepared in acwrdance wilh the requirements of the Companies Act 2006. Basis for opinion We conducted OUT audtt in accordance with 1nlemab.onal Standaids on Auditing IUKI IISAS {UK}l and applicable law. Our responsibiltties undei those standards are further described in the Audrtors. reswnsibilities for the audit ot the financial statements section of our report. We are independent of the charitsble company in accordance with the ethical requirements that are relevant to our audit ol the financial statements in the United Kingdom including the Financial Reporting CouncAI's Ethical Standard. and we have ftjlfilled ou¥ other ethical responsibilities in a¢xordance wth these requiremen15. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going ¢oncem In auditing the financial statements, we have concluded that the Trustees. use of the going ¢oncem basis of accounting in the p¥eparation of the finanaal statements is apprcpriate. Based on the work we have performed. we have nol identifted any matertal uncertainties relating to events or conditions that, individually or coileclwely, may cast signfficant doubt on the charitable companls ability to continue as a going con￿rn for a period of al least month5 from when the financial statements are authorised foi issue. OUT responsibilities and the responsibilities of the Trustees iespecl to going concem are des¢ribed in the relevant sections of this report. Page 7 THE READING FOUNDATION (A company limited by guarantsel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE READING FOUNDATION ICONTINUEDI other infomation The other informaknon ￿mpriseS the infoTmation indLEded in the Annttral report other than the financial statements and our Auditors, report thereon. The Trustees are ￿sponsible for the other information ¢onlained within the Annual report. Our opinion on the financial statements does not cover the other inforTnation and, except to the extent otherwise expliciuy staled in our reFK)rt, we do nol express any form of assurance conclusion thereon. Our responsibilrty is to read the other inf0m￿li0n and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knovAedge obtsined in the ¢ourse of the audit, or otherwise appears to be materially misslated. If we identtfy such material incon51StenThes or apparent material misstateTnents, we are required to delefmine whether this gives rise to a material misstatement in the financial slatements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other infomiation, we are required to report that fa¢i. We have nothing lo report in this regard. Opinion on other matters prescribed by the COMPan￿S A¢t 2006 In our opinion, based on the work undertaken in the ¢>MJrse of the audit the information given in the Trustees. Re¥￿ for the financial year f(Y which the financsal ststemenls are prepared is consistent wth the financial statements. the Trustees, Report has been prepared in accordance awjicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and under5tsnding of the tharrtable o)mpany and its environment obtained in the course of the audit, we have not identified material misslatements in the TrLb51ees' Report. We have nothing to report in respect of the followng matters in relation to which Companies Act 2006 requires us to rewrt lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been re￿iVed from branches not visited by us- or the finanual slalemenls are not in agr&ment with the ￿lUnting reox)rds and retums: or certain disclosures of Trustees. remuneratKJn specified by law are not made., or we have not re￿iVed all the irifom)ation and explanat￿nS we require for our audit., or the Trustees were not entilled to p￿pare the financial slalemenls in accordan￿ wth the small companies regirne and tske advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement lo p￿pare a Strategic Rew)rt. Rèsponsibilities of trustèes As explained more fully in the Trustees. responsibilities statemen( the TTUStees Iwho are also the directors of the charitable company for the purposes of ￿rnpanY law} afe responsible for the preparation of the financial stslements and for being satisfied that they give a twe and tsir view, and fof such intemal Control as the Trustees determine is necessary to enable the preparation of finallryal statements that are free from material misstatemenL whether due to fraud ￿ eiror. In preparing the financial statements. the Trustees are responsible for assessing the charitable companls ability to continue as a going concem, disdosing. as a￿&cable. matters related to going con￿￿ and using the going concern basis of a¢￿u￿ting unless the Trustees either intend to liquidate the charitable company or to cease aperations, or have no Tealistic alternative but to do so. Page 8 THE READING FOUNDATION IA company limrted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE READING FOUNDATION (CONTINUED) Auditors. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial staternents as a whole are free from matenal misstatement. whether due to fraud or error. and to issue an Auditors. report that indudes our opinion. Reasonable assl1ran￿ is a high level of assurance, but is not a guarantee that an audit (x)nducted in accordance with ISAS IUKI wll detect a material misststement vthen it exists_ Misstslements can arise frorn fraud or error and are considered matertal rf. individually or in the aggregate, they could reasonably be expected to Intluen￿ the economic de(#sions of users tsken on the basis of these finan(aal statements. Because of the inherent limttatbons of an audtt. there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the ffinan￿aI statements or non-complian￿ with regulation. This risK increases the more that compliance vAth a law or regulation is removed from the events and transactions reflected in the finanual statements. as we wll be less likely to become aware of instsnces of noft-compliance_ The risk is also greater regarding irregulartts.es occurring due to fraud rather than error. as fraud invofves intentional concealment, forgery. collusion, omission or fflisrepresentakn"on. The specific procedures for this engagement that we designed and performed to delect material misstalemenls in respect of iiregularities, iJvAuding fraud, were as follows: Enquiry of management and those charged with governan￿ around actual and potential liligatK)n and claims., Reviewing minutes of meetings of those Charged wth goveTnance", Reviewing finanfyal ststement disdosures and tesling to SLtptM)rting docJJmenlation lo assess wmpliance with applicable laws and regulations-. Performing audit work over the risk of management override of rxtrntrols, induding testing of joumal entries and other adjustments for appropriateness, e￿alUating the business rationale of signififxnt transactions outside the normal course of business and reviewro accx)unting estimates for bias. A further description of our reswjnslbil￿"eS for the audtt of the finanual ststements is located on the Financial Reporting CoLJneifs website al" www.frc.or -uklauditorsres Auditors, ￿pOrt. nsibiltiies. This descfiptson forms part ol our Page 9 THE READING FOUNDATION {A company limited by guarantee) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE READING FOUNDATION (CONTINUED) Use of our report This report is made solely lo the charttable companls members. as a body. in a(￿rdanCe with Chapter 3 of Part 16 of the Companies Ath 2006. Oui audrt work ha5 been undertaken so that we might state to the charitsble companls members those mattets we are required to state lo them in an Auditors, report and for no other purpose. To the fullest extent pemi%tted by law. we do not accept or assume responsibilsty to anyone other than the tharilable company and its members. as a body, for our audit work. for this report. or for the opinions we have formed. Darren O'connor 8S¢ (Honsl FCCA ACA (Senior Statutory Auditor) for and on behalf of James Cowper Krèston Audit Chartered Accountants and Ststuiory Aud￿ Reading Bridge h.ouse George Slreei Re8(iin Berksni RG18LS Date" 3 December 2024 Page 10 THE READING FOUNDATION IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVlllES (INCORPORATING INCOME EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 As reststed Totsl funds 2023 Endowment funds 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Note Income and endowments from: Donations and legacies Investments 19,978 50.648 610 13.710 20,588 149,943 82,598 137,790 85,585 Total income and endowmènts 85.585 70.626 14,320 170,531 220,388 Expenditure on: Charitable a¢tivitJ"es 271.929 127.683 399,612 319,969 Total expenditure 271.929 127,683 399,612 319.969 Net {Èxpenditureyin¢ome before nèt gainslllosses) on investments Nel gainsllk)sses) on investments {186,3441 {57,05n 14,320 1229,081} 199,581 j 195.054 100,669 45,755 341,478 {203,6351 Net (expenditurePI income Transfers betsveen funds 8.710 43.612 60.075 112.397 1303,2161 13 19.134) (1,485.7751 1,494,909 Nèt rnovemenl in funds (424) 11.442,1631 1.554,984 112,397 1303.2161 Reconciliation of funds: As reststed total ftJnd$ brought foThvard Net movement in funds 1,101,848 1.$80,163 1424) (1,442,1631 2,193,022 1,554,984 4,875,033 112,397 5,178,249 {303,2161 Total funds carried forward 1,101,424 138.01)0 3,748.006 4,987,430 4,875,033 The Slalement of Financial Activtbes irlctudes all gain5 and losses rewgnised in the year. The notes on pages 14 10 26 fomi part of these financsal statements. Page11 THE READING FOUNDATION IA ¢ompany limited by guarantee} REGISTERED NUMBER: 02025362 BALANCE SHEEr AS AT 31 JULY 2024 As reststed 2023 2024 Note Fixed assets Investrnents 4.512.592 4.484.114 4.512,592 4,484,114 Currènt assets Debt Cash at bank and in hand 10 33.406 451.182 92.425 307,744 400,169 Credilor5.' amounts falling due within one year {9.7501 19,2501 Net ¢urrent assets I liabililies 474,838 390,919 Total assets less current liabilities 4.987A30 4,875,033 Total net assets 4,987,430 4.875,033 Charity funds Endowment funds Restricted funds Unrestricted funds 1,101,424 138.000 3,748.006 1,101.848 1.580.16) 2,193,022 13 13 Total funds 4.987,430 4,875,033 The Trustees acknowledge their responsibilities for Comp￿TrJ wth the requirements of the Act with respect to accounting records and preparation of financial statements. The financial ststements have been prepared in aCL0rdan￿ with the prowsions applicable to entlties subject to the STnall companies regime. The finanryal statements were approved and authorised for issue by Ihe Tnjstees and signed on their behalf by.. Mr R Child5 Chaiiman Data.. 2 g 2&LCr The notes on pages 14 to 26 forni part of these financÈal ststements. Page 12 THE READING FOUNDATION IA company limited by guarantse) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Cash flows from operating activities Net cash used in operating activtlies 1340,093) 1283,8851 Cash flows from iTrvesting activities Dividends, interests and rents from invesknents Proceeds from sale of investments 170,531 313,000 220,388 223.000 Net ¢a5h provided by investing activities 483,531 443,388 Change in ¢ash and cash equivalents in the year Cash and cash equivalents at the teginning of the year 143,438 159.503 307.744 148,241 Cash and cash equivalents at the end of the year 451,182 307.744 The notes on pages 14 to 26 fo￿ part of these financAal statemenls Page 13 THE READING FOUNDATION IA company limited by guarantse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General infomation The Reading Foundation is a charitable compary limited by guarantee. lts registered office is Reading School. Erleigh Road, Reading, Berkshire, RG15LW. Accounting policiès 2.1 Basis of preparation of financial ststements The financial statements have been prepared in actsydance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Ststement of Re¢omfflended Practi￿ applicable to ¢harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecb.ve 1 January 2019}, the Financial Reporting Standard applicable in the UK ar￿ Republic of Ireland {FRS 102) and the Companies Act 2006. The Reading Foundation meets the definrtl￿ of a public ber￿fit enb.ty under FRS 102. Assets and liabilities are initially ree Award Restricted Fund should be held at its original value of £138,000. The excess has been transferrd to the General Unrestricted Fund. Page 23 THE READING FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 1& Summary of funds Summary of funds - current year Balance at 1 August 2023 Transfèrs inlout Gainsl Balance at {Losses} 31 July 2024 Income Expenditure General funds Endowment ftjnds Restiicted funds 2,193.022 14320 1,494.909 45.755 3.748,006 1.101,848 1,580,163 85,585 70.626 1271,929) (9.1341 (127.683) 11,485,775) 195.054 100,669 1,101,424 138,000 4,875,033 170,531 1399.612) 341,478 4,987,430 Summary of funds - prior year Balance at l August 2022 As reslaled Transfers inlout Gainsl Balance al ILossesl 31 July 2023 Income Expenditure General funds Endowment funds Restricted fvnds 2.357,714 65.187 (31,￿) (196,2241 12,6551 2.193,022 1.101.551 1,718,984 82.956 72,245 (154,742) {134,2271 196,224 1124,1411 {76,839} 1,101.848 1.580,163 5,178,249 220,388 {319.9691 12C13,635} 4.875,033 15. Anatysis of net assets between funds Analysis of net assets between fund5 - current period Endowment Restricted Unrestricted funds fvnds funds 2024 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 1,101,424 138.CLIO 3,273,168 484,588 19,7501 4,512.592 484,588 19,750) Total 1.101,424 138,000 3,748,006 4.987,430 Page 24 ThE READING FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Analysis of Tret assets betweèn funds (continued) Analysi5 of net assets belween frjnds - prior period As restated Endowment funds 2023 As restated Restrtcted Unrestricted funds funds 2023 2023 Total fvnds 2023 Fixed asset investrnents Debtors due after more than one yeai Cuwrent assets Creditors due wrthin one year 1.101,848 1.580,163 1.802,103 60.000 340,169 19.2501 4,484,114 60,000 340,169 19,2501 Total 1,701,848 1,580,763 2,193,022 4,875,033 16. Reconciliation ot net movement in funds to net cash flow from operating activilies 2024 2023 Net inc(Hnelexpendtiure for the pet*)d (as per Statement of Finan(#al Activities) 112.397 13D3,2161 Adjustments for: LossesllGainsl on investments Dividends, interests ￿nIS from investrnents Decrease in debtors Increase in creditors (340,3801 1170,531) 59.019 500 203,635 1220,3881 35,234 850 Net Cash used in operating activities 1338.995) 1283,8851 17. Analysis of cash and cash equivalents 2024 2023 Cash in hand 451.182 307,744 Total cash and cash equivalents 451,182 307,744 Page 25 THE READING FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 18. Analysis of changes in net debt At 1 August 2023 Cash flows At 31 July 2024 Cash at bank and in hand 307.744 143A38 451,182 307,744 143,438 451,182 19. Related party transactions Reading School has ￿mmOn director5 ￿th the Reading Foundation. Total donalions and grants of t318.75112023." £301,001) were made lo Reading School in the current year. None of the members of the counul re￿iVed any remuneration or wete r￿mburSed any expenses12023: £Nill. Page 26