Registered number: 02025362
Charity number: 294640
THE READING FOUNDATION
(A company limited by guarantee)
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025

THE READING FOUNDATION
IA company limited by guarantee}
CONTENTS
Page
Reference and administrative details of the Charity. its Trustees and advisers
Trustees. report
Independenl auditors. report on the financial ststements
Statement of financial activities
10
Balance sheet
Statement of cash flows
12
Notes to the financial ststements
13-25

THE READING FOUNDATION
IA company limited by guarantee}
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND MEMBERS OF
THE COUNCIL AND ADVISERS
FOR THE YEAR ENDED 31 JULY 2025
The organisation is a charitable company limited by guarantee, incorporated on 4 June 1986 and registered as a
charity on 10 June 1986.
Trustees and Members of the Council
Mr D Hudson3
Mr J Mistry3
Mr T Evans1
Mr M Faulkner2
Mr T Follen2
Mr E Holll
Ms M Murthy3
Mr D Nnabuife2
Mrs E S Fallon2
Dr J Matthews
Mr R Childs, Chair
Prof M Parsons, Vice Chair
Mr A Phadnis
Mrs C Toms
Mr R Huggins
MrA Robson
Representative of the Reading School Alumni
Representative of the Governors of Reading School
Representative of the Reading School Current Parents
Company reglstered number
02025362
Charlty reglstered number
294640
Reglstered offlce
Reading School
Erleigh Road
Reading
Berkshire
RG1 5LW
Company secretary
Miss C Mole
Independent audltors
James Cowper Kreston Audit
Chartered Accounlanls and Stslutory Auditor
Apex
Forbury Road
Reading
Berkshire
RG1 IAX
Page 1

THE READING FOUNDATION
IA company limited by guarantee}
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND MEMBERS OF
THE COUNCIL AND ADVISERS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
Bankers
National Westminster 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
Invg$tment Managor
CCLA Investment Management Ltd
COIF Charity Funds
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Govorning In$trumgnts
1. The Reading FoLJndation 12946401 I'The Companl} is regulated by ils memorandum and articles of
association dated 31 March 1986 as amended by special resolutions dated 2 November 1999., 20 September
2018 and 28 November 2019.
2. Reading School Charity 1294640-11 is regulated by a Charity Commission scheme dated the 4th of July
1994 as modified by an order of the Secretary of Slate for Education on the 9th of Ma￿h 2011 when Reading
School became an Academy.
3. Reading School Award Fund 1294640-21 is regulated by the scheme of the Charity Commission dated the
4th of July 1994.
4. The Young Bequesl1294640-31 is regulated by the scheme of the Charity Commission dated the 4th of July
1994.
Appointment of Mgmbers and Trustees
Trustees are appointed by the Foundation Council in accordance with the conditions sel out in their Articles of
Association. Council includes not more than three persons from each of the alumni of Reading School and
Parents of students attending Reading School at the time of their appointment. In addition, the Governors of
the School may appoint no more than three persons. Council may co-opt Trustees. The Trustees are drawn
from a wide range of backgrounds in education, professional life and welfare matters relevant lo the running
and future benefit of the School. As such, il is not Considered ne￿SSary for Trustees to undergo formal
training for participation in the Foundation's Council.
Members of the Council, as well as being charity trustees, are also directors of the Reading Foundation.
Members of the Reading Foundation guarantee lo contribute an amount not exceeding £1 to the assets of the
Foundation in the event of winding up.
All members of the Council, the charills Trustees, give their services free of charge. The Clerk undertakes all
the administrative work of the charity and maintains the accounting records.
Page 2

THE READING FOUNDATION
IA company limited by guarantee}
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 JULY 2025
The Trustees, being also directors of the Reading Foundation, present their report, together with the financial
statements of the Reading Foundation, for the year ended 31 July 2025. The report of the CoLJncil is also the
directors. report as required by Part 15, chapter 5 of the Companies Act 2006 and the Trustees. report as
required by Part Vlll of the Charities Act 2011. The financial statements comply with the requirements of the
Charitable Companqs Memorandum and Articles of Association, the Charities Statement of Recommended
Practice ISORP 20151 and Financial Reporting Standard 102 {FRS 1021.
STRUCTURE. GOVERNANCE AND MANAGEMENT
The Reading Foundation is managed in accordance with its Memorandum and Articles of Association {31 March
19861, as amended by a Special Resolution, dated 2 November 1999 and two others dated 20 September 2018
and 28 November 2019 respectively. The Reading Foundation is the trustee of the Reading School Charity, The
Reading School Award Fund and the Young BeqLJest. All three are registered as linked charities to the Reading
Foundation on the Register of Charities. An Order made by the Charity Commission on 5 October 1999
aulhorised the Reading Foundation to appoint an investment manager and a further Order made by it on 24 July
2003 enabled the Reading Foundation to operate a lolal return approach to ils investments in respect of the
Reading School Charity for a limited period.
The Council Ithe directors of the Reading Foundalionl are appointed in accordance with article 30.
The Council meets 3 times year to discharge its duties as trustee and lo administer the Reading Foundation. The
Reading Foundation relies on the powers in ils articles to administer the linked charities las provided for by the
Scheme of 19941.
The Council has the following sub-wmmittees..
Finance and Executive Committees which mel 3 limes in the year
FINANCIAL REVIEW
These accounts are the consolidated accounts for the Reading Foundation and the linked Charities, collectively
'The Foundation,. The Foundation's income consists 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 pemianenl endowment restricted fund}, the
School Charity Ipermanent endowment functional property with only net income available for applicalionl and the
BEM Young Bequest {expendable endowmentl, has not changed during the year. The performance of the stock
market represents the greatest identified risk lo the Foundation's wellbeing, but the diversity of the Funds. assets
¢ushions them from extremes of flu¢tuation. The perf0rrnan￿ of the investment portfolio, wvering both capitsl
appreciation and investment welds, is regularly monitored by the Finance Committee which reports to the
Council. The capital appreciation of each of the three Funds in the ¢urrenl financial year was as follows= the
Award Fund -10.4% the BEM Young bequest 1.2°/o and School Charity-2.5°/0.
On 7th October 2024 the Council passed fresh resolutions under $104A of the Charities Act 2011 to adopt a
Total Return approach to the investments of the Reading School Charity and the School Awards Fund. This
resolution gives the Council all of the statutory powers in for￿ from lime to time in relation lo the investment of
the charities, funds on a total return basis. As a result a prior year adjustment has been processed through the
accounts.
OBJECTIVES AND ACTIVITIES
The Reading School charity's charitable purposes are=
Providing land and buildings for use as a school (including an Academy) as defined in section 578 of the
Education A¢t 1996, and includes any regulations made under the Education Acts. The income lo be used lo
provide benefits for the s¢hool not provided by public funds
The Reading School Award Fund's charitable purposes are..
Promoting the education of the pupils in the School, children about lo attend the School and former pupils who
attended the School for not less than 2 years in particular in awarding allowan￿S, leaving exhibitions and prizes
Page 3

THE READING FOUNDATION
IA company limited by guarantee}
TRUSTEES. REPORT {CONTINUED}
FOR THE YEAR ENDED 31 JULY 2025
The Young Bequest's charitsble objects are..
To provide benefits for the School not provided from public funds and to promote the education of pupils
attending the School, children about lo attend and former pupils who attended for not less than 2 years
The principal aim of the Reading Foundation is to advance the education of the public and, in particular, lo
support Reading School {founded in 11251 now operating as 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 sile. The majority of the sile is leased to the Academy for a period of 125 years al a peppercorn rent
whilst buildings that are wholly or partially used for residential accommodation are covered under a separate 20-
year lease lo the Academy.
Whilst the School is responsible for the maintenance of the site, where public funds are not available or, as is
nomially the case, inadequate, each year the Trustee gives the School sums of money lo assist in pawng for that
maintenance and for the development of the School's facilities. In 2024-2025 the Foundation committed
£180,000 of funds for works on South House and the Chapel. An additional amount of £36,078 was allocated
towards the Chapel repairs. All of this was drawn down by the School in the financial year.
The Trustees continued lo work closely with the Headmaster and his Leadership Team during this year lo
prudently manage expenditure during periods of market volatility. The objective of this cooperation being lo
protect the assets of the Foundation for future generations of beneficiaries whilst maintaining essential funding
for current needs.
The Foundation continues lo fund the Society Office, a joint Trustee and School Governor initiative whose
primary objectives are to establish and maintain a comprehensive record of the school community, lo create a
feeling of belonging to this community and a benevolent allachment lo the School for life and to establish and
foster a tradition of giving to the School and the Foundation amongst this community. For the financial year
2024-2025, the Reading Foundation agreed to additional funding of £30,000 towards 900th Anniversary costs.
As 2025 was the year of the 900th Anniversary, the Foundation agreed to reduce the amount allocated to the
school for capital projects and instead help fund the costs of the 900th Anniversary by agreeing to commit
£100,000.
ACHIEVEMENTS AND PERFORMANCE
The Foundation mel ils charitable objectives in the year by continuing lo support the work of Reading School as
demonstrated by the activities outlined above.
PLANS FOR THE FUTURE
To progress the Development and Funding initiative so that a culture of philanthropy becomes embedded in the
ethos of the School.
RESERVES POLICY
Cash al bank and monies on deposit represent working capitsl available for grants and administrative
expenditure ahead of income at certain times of the year and for contingencies. At 31 July 2025 the charity held
unrestricted reserves of £3,648,699. On an annual basis, Trustees calculate the capitsl 'surplus" of the School
Charity and Award funds compared lo a benchmark of the original values of these ftjnds {in 1994 and 1995
respectively) adjusted for CPI. This guides their view of the capacity of the Foundation lo fund spend from capital
and has been used to allocate the unapplied total return for the permanent endowment.
Page 4

THE READING FOUNDATION
IA cornpany limited by guarantee)
TRUSTEES, REPORT ICONIINUED)
FOR THE YEAR ENDED 31 JULY 2025
PUBUC BENEFIT
The Trustees have acted in accordance with the information contained in the Charity Commission's general
guKlance on public benefrt when carrylng out Ihe purposes of the Foundation and in planning its actiiAties.
RESPONSIBIUTIES OF THE COUNCIL
The Trustees (who are also directors of The Reading Foundation for purposes of Company Law) are responsible
for plppgring the Report of the Counal and the financial statements in accordan￿ with applicable law and
United Kingdom Accounting Standards {United knngdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prep8re financial statements for each financi81 year which give a tTue and
fair ￿TeW of the state of affairs of the Reading Foundation and of the incoming resources and application of
resources, induding the income and expenditure, of the Reading Foundation for that period. In preparing these
financial statements, Ihe twstees a￿ required to-
Select suitable accounting poliGies And apply them consistenlly-
State whether applicable acry)unting standands have been followed. subject to any material departures
disclosed and explained in the finanaal statements.,
Make judgements and estimates that are ￿asOnable and prudent.,
Prepare FinancAal Statements on a going concem basis unless thks is ins￿rOpriate to presume that the
Reading Foundation will continue to operate.
The Trustees atE rebpoiisible for keeping propef and adequate accounting reGords that dssclose with reasonable
accuracy at any time the financial position of the Reading Foundation and enable them to ensure that the
financial statements comply with the Companie5 Act 2006. They afe also tESPOll5ible for safeguarding the
assets of the Reading Foundation and hence for taking reasonable steps for Ihe prevention and detection of
fraud and other Irregularit￿S.
In so far as the Trustees are aware-
There is no relevant audit infomiation of which the Reading Foundation's auditor is unaware.. and
The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant
audit informalion and to establish that the auditor is aware of that infomiation.
AUDITORS
The auditors, James Cowper Kreston Audit. will be proposed for re-appointmellt at the forthcoming Annual
General Meeling.
Approved by order of the member5 of the boalll of Trustee5 and svJned on their behalf by..
MYRChi
Chaimian
ds
Date.. 20 November 2025
Page 5

THE READING FOUNDATION
IA company limited by guarantee}
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE READING FOUNDATION
Opinion
We have audited the financial statements of The Reading Foundation (the 'charitable companll for the year
ended 31 July 2025 which Comprise the Statement of financial aclivilies, the Balance sheet, the Statement of
cash flows and the related notes, including a summary of 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 Practi￿1.
In our opinion the financial statements..
give a true and fair view of the slate of the charitable companls affairs as at 31 July 2025 and of ils
incoming resources and application of resour￿8, including its income and expenditure for the year then
ended.,
have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKI} and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom,
including the Financial Reporting Council'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 companls ability lo
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 Trustees with respect lo going concern are described in the
relevant sections of this report.
Page 6

THE READING FOUNDATION
IA company limited by guarantee}
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE READING FOUNDATION
ICONTINUEDI
Other information
The other information comprises the information included in the Annual report other than the financial ststemenls
and our Auditors. report thereon. The TrLJStees are responsible for the other infomiation contained within the
Annual report. Our opinion on the financial statements does not cover the other information and, except lo the
extent otherwise explicitly slated in our report, we do not express any form of assuran￿ conclusion Ihereon. Our
responsibility is lo 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 misslatemenl 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 lo report in this regard.
Opinion on othgr mattors prgscribgd by the Companies ￿1 2006
In our opinion, based on the work undertaken in the course of the audit=
the infomialion given in the Trustees. Report for the financial year for which the financial statements are
prepared is consistent with the financial statements.
the Trustees, Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the
Course of the audit, we have not identified material misstalemenls in the Trustees. Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires
us lo report to you if, in our opinion..
adequate accounting records have not been kept, or retums adequate for our audit have not been
received from branches not visited by us,. or
the financial statements are not in agreement with the accounting records and returns,. or
certain disclosures of Trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the Trustees were not entitled lo prepare the financial statements in accordance with the small companies
gime and take advantage of the small companies, exemptions in preparing the Trustees, Report and
from the requirement to prepare a Strategic Report.
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 lawl are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such intemal control as the
Trustees determine is necessary lo enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or Èrror.
In preparing the financial statements, the Trustees are responsible for assessing the charitable companls ability
lo continue as a going concem, disclosing, as applicable, matters related to going concern and using the going
concem basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease
operations. or have no realistic alternative but to do so.
Page 7

THE READING FOUNDATION
IA company limited by guarantee}
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE READING FOUNDATION
ICONTINUEDI
Auditors. responsibilities for the audit of the financial Statgmgnts
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 Auditors. 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 IUKI will always detert 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 lo influence the economic decisions of users taken on the basis of these financial ststemenls.
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 misstalemenl 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 COn￿alMent, forgery, collusion, omission or misrepresentation.
The specifi¢ prO￿dureS for this engagement that we designed and performed to detect material misstatements
in respect of irregularities, including fraud, were as follows..
Enquiry of management and those charged wtth governance around actual and potential litigation and
claims-
Reviewing minutes of meetings of those charged with governance.
Reviewing financial stslemenl disclosures and lesling lo supporting documentation to assess compliance
with applicable laws and regulations.,
Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias.
A fLJrther description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website al.. www.frc.or
.uklauditorsres
onsibilities. This description forms part of our
Auditors. report.
Page 8

THE READING FOUNDATION
IA company limited by guarantee}
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE READING FOUNDATION
ICONTINUEDI
U$9 of our rgport
This report is made solely to the charitable ¢ompan¥s members, as a body, in ac¢ordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable
¢ompanls members those matters we are required to stste lo them in an Auditors. 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 charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we
have formed.
Darren O'connor Bsc {Hons) ACA FCCA {Senior Statutory Auditor)
for and on behalf of
James Cowper Kreston Audit
Chartered Accountants and Stslutory Auditor
Apex
Forbury Road
Reading
Berkshire
RG1 1AX
Dale.. 1 December 2025
Page 9

THE READING FOUNDATION
IA company limited by guarantee}
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 JULY 2025
Endowment
funds
2025
Restricted Unrestricted
funds
funds
2025
2025
Total
funds
2025
Total
funds
2024
Notg
Income and
endowments from:
Donations and legacies
Investments
26,375
46.574
342,465
15.730
368,840
148.069
20,588
149,943
85.765
Total income and
endowments
85,765
72,949
358,195
516,909
170,531
Expenditure on-
Charitable activities
455,068
117,083
572,151
399,612
Total expendlture
455.068
117.083
572.151
399,612
Net
{expenditure)lincome
before net
{lossesllgains on
investments
1369.3031
144.1341
358,195
155.2421
1229,0811
Nel Ilossesllgains on
investments
(69.4731
18.759
5.225
(45.4891
341,478
Net lexpenditurell
income
Transfers between
funds
1438.7761
125,3751
363.420
1100.731)
112,397
12
437,352
25,375
1462.7271
Net movement In
funds
11.424)
(99.307)
1100.731)
112,397
Reconclllatlon of
funds:
As restated total funds
brought forvlard
Nel movement in funds
1,101,424
11,4241
138,000
3,748,006
199,3071
4,987,430
1100,7311
4,875,033
112,397
Total funds carrled
forward
1,100.000
138.000
3,648.699
4,886.699
4,987,430
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 25 form part of these financial statements.
Page 10

IHE READING FOUNDATION
IA company limited by guarantee)
REGISTERED NUMBER: 02025362
BALANCE SHEET
AS AT 31 JULY 2025
2026
2024
Note
Fixed assets
Investments
3,979,620
4,512,502
3,979,620
4.512,592
Current assets
Debtors
Cash at bank and in hand
10
31,084
934.762
33.406
451.182
965.846
484,588
Current liabilities
Creditots: amounls falling due within one
year
(58.7671
(9,750)
Net current assets Ilobilities
907,079
474,838
Totsl assets less ¢urrent liabilities
4886,699
4.987.430
Total net assets
4,886,699
4.987,430
Charity funds
Endowmenl fvnds
Restricted funds
Unrestricted funds
12
12
12
1,100,000
138,000
3,648,699
1.101,424
138,000
3,748.006
Total funds
4,886,699
4,987,430
The Trustees acknowledge their responsibilities for complying with the requiren*nts of the Act wilh respeci to
acGounling records artd p￿paratIOn of financial stalements.
The financlal statements have be¥ii wepared itt a(LotdanrR with the provisions applicable to entities SLtbjcct to
the small companies regime.
Tre financ4al statements were approved and authorised for issue by the Trustees and signed on their bèhalf by:
MrRC
Chairman
Date.. 20 November 2025
The notes on pages 13 to 25 form part ofthese financial ststements.
Page11

THE READING FOUNDATION
IA company limited by guarantee}
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
2025
2024
Cash flows from operatlng actlvltles
Nel cash used in operating activities
1150,8701 1340,0931
Cash flows from Investlng actlvltles
Dividends, interests and rents from investments
Proceeds from sale of investments
146,967
487,483
170,531
313,000
Net cash provlded by Investlng actlvltles
634.450
483.531
Change In cash and cash equlvalents In the year
483,580
143.438
Cash and cash equivalents at the beginning of the year
451,182
307,744
Cash and cash equlvalents at the end ofthe year
934.762
451,182
The notes on pages 13 to 25 form part of these financial statements
Page 12

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Genoral information
The Reading Foundation is a charitsble company limited by guarantee. Its registered office is Reading
School, Erleigh Road, Reading, Berkshire, RG1 5LW.
Accounting policigs
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordan￿ with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
The Reading Foundation meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially recognised at historical cost or transaction value unless othenNise staled in the
relevant accounting policy.
The financial statements are presented in pounds steding l£} rounded to the nearest pound.
2.2 Company status
The members of the company are the Trustees named on page 1. In the event of the charitable
company being wound up, the liability in respect of the guarantee is limited lo £1 per member of the
charitable company.
2.3 Going concern
The charitable company hold sufficient liquid assets to cover commitments made by the trustees at
the balance sheet date. Operational expenditure is minimal, grants are discretionary and are
proposed by the Finance Committee based on expected investment retums.
After making enquiries, the trustees have a reasonable expectation that the charitable company has
adequate resources to continue its activities for the foreseeable future. Accordingly, they continue lo
adopt the going concern basis in preparing the financial statements as outlines in the statement of
Responsibilities of the Council.
2.4 Land and buildings
The land and buildings known as Reading School is an asset for the School Charity and is leased lo
the Academy under a 125 year lease at a peppercorn rent. As such the value has not been included
in the value of the fund.
Residential and associated accomm(Idation, which includes boarding houses and staff
accommodation, is subject to a supplementary 20 year lease at a peppercom rent. The lease is
granted on terms similar lo the main lease.
Subject to a number of assumptions the market value of the Foundation's interest assuming ils
continued educational use and the leases in place is £70,000. This value has not been included in the
Balance Sheet.
The land and buildings are insured for a value of £34.350,000.
Page 13

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Accounting poli¢ig$ l¢ontinugdl
2.5 Income
All income is recognised once the Company has entitlement lo the income, il is pmbable that the
income will be received and the amount of income receivable can be measured reliably.
Income largely arises from investment income generated from dividends from CCLA funds, and they
are awounled for when the dividends are actually declared. Investment income and gains are
allocated to the appropriate fund.
The recognition of income from legacies is dependent on establishing entitlement, the probability of
receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of
entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left lo
them Ilhrough knowledge of the existence of a valid will and the death of the benefactor) and the
executor is satisfied that the property in question will not be required to satisfy claims in the estate.
Re￿Ipl of a legacy must be recognised when it is probable that it will be received and the fair value
of the amount receivable, which will generally be the expected cash amount lo be distributed lo the
Company, can be reliably measured.
2.6 Expgnditurg
Expenditure is rewgnised once there is a legal or ¢onstrudive obligation to transfer economic benefit
to a third paty, 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 lo a single activity are allocated directly
to that aclivily. Shared costs which contribute to more than one activity and support costs which are
not attributable lo a single activity are apportioned between those activities on a basis consistent with
the use of reSoUr￿s. Central staff costs are allocated on the basis of time spent, and depreciation
Charges allocated on the portion of the asset's use.
Governance costs are those incurred in connection with administration of the charitable company and
Complian￿ with constitutional and statutory requirements.
Charitable activities and Govemance costs are costs incurred on the charitable company's
operations, including support costs and costs relating to the governance of the charitable Company
apportioned to charitable activities.
Grants payable are charged in the year when the offer is made ex￿pt in those cases where the offer
is conditional, such grants being recognised as expenditure when the conditions attaching are
fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a
commitment, but not a¢crued as expenditure.
2.7 Invgstmgnts
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequently measured at fair value al the Balance sheet dale, unless fair valLJe
cannot be measured reliably in which case it is measured at cost less impairment. Investment gains
and losses, whether realised or unrealised, are combined and shown in the heading 'Gainslllossesl
on investments, in the Statement of financial activities incorporating income and expenditure account.
2.8 Dgbtors
Trade and other debtors are recognised al the settlement amount after any trade discount offered.
Prepayments are valued al the amount prepaid net of any trade discounts due.
Page 14

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Accounting poli¢ig$ l¢ontinugdl
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity
of three months or less from the dale of a¢quisition or opening of the deposit or similar account.
2.10 Liabilitigs and provisions
Liabilities are re¢ognised when there is an obligation al the Balan￿ sheet dale as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be eslimaled reliably.
Liabilities are recognised at the amoLJnt that the Company anticipates il will pay to sellle the debt or
the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where
the effect of the time valLJe of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability- The
unwinding of the discoLJnt is recognised in the Slalement of financial activities as a finan￿ cost.
2.11 Financial instrumgnts
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic
financial instrLJments. Basi¢ financial instruments are initially recognised at transaction value and
subseqLJently measured al their settlement value with the exception of bank loans which are
subsequently measured al amortised cost using the effective interest method.
2.12 Taxation
The Company is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act
2010 and therefore il meets the definition of a charitable company for UK corporation tsx purposes.
Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains
re￿iVed within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are
applied exclusively to charitable purposes.
2.13 Fund accounting
General funds are unreslricled funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Company and which have not been designated for other
purposes.
Restricted funds are funds which are to be used in accordan￿ with specific restrictions imposed by
donors or which have been raised by the Company for particular purposes. The costs of raising and
administering su¢h funds are charged against the specific fund. The aim and use of each restricted
fund is set out in the notes lo the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Endowed funds consist of a permanent endowment and an expendable endowment. A total retum
approach has been adopted for these funds.
Page 15

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Critical accounting ostimatgs and argas of judgmgnt
Eslimales and judgments are Continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Critical accounting estimates and assumptions..
The Company makes estimates and assumptions Con￿rning the future. The resulting accounting
estimates and assumptions will, by definition, seldom equal the related actLJal results. The estimates and
assumptions that have a significant risk of causing a material adjustment to the Carrying amounts of
assets and liabilities within the next financial year are discussed below.
Incomg from donations and lega¢ig$
Rgstricted Unrgstrictod
funds
funds
2025
2025
Total
funds
2025
Total
funds
2024
Donations
Legacies
11,090
15,285
342,465
353,555
15.285
20,588
26,375
342,465
368,840
20,588
Total 2024
19,978
610
20,588
Investment income
Endowment
funds
2025
Restricted Unrestricted
funds
funds
2025
2025
Total
funds
2025
Total
funds
2024
Investment income
Bank interest received
85,765
35,237
11,337
1,301
14,429
122,303
25.766
132,304
17,639
85,765
46,574
15,730
148,069
149,943
Total 2024
85,585
50,648
13,710
149,943
Page 16

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Analysis of grant$ and other costs
Grants to
Grants to
Institutions Individuals
2025
2025
Totsl
funds
2025
Total
funds
2024
Grants awarded
103,000
7,000
110.000
120,950
Total 2024
105,950
15,000
120,950
Grants awarded
2025
2024
Grants to Institution$
Reading School Awards and Senior Prizes
103,000
105,950
103,000
105,950
Grants to Indlvlduals
Enrichment programme
7.000
15,000
7.000
15,000
Other grants and other costs
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Building fund project
School maintenance
180,000
36,078
80,000
137,500
180,000
36,078
80,000
137.500
88,000
80,001
30,000
60,000
Development grant
900th Anniversary
Advance write off
Total 2025
433,578
433,578
258,001
Total 2024
258,001
258,001
Page 17

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Govornance costs
Unrgstrictgd
funds
2025
Total
funds
2025
Total
funds
2024
Audit fees
Legal and professional fees
Other indirect costs
Clerks, fees
11,530
7,985
58
9,000
11,530
7,985
58
9.000
9,501
60
11,100
Total 2025
28,573
28,573
20,661
Total 2024
20,661
20,661
Analysis of expenditure by activities
Charity
direct costs
2025
Grant Governance
funding
costs
2025
2025
Total
funds
2025
Total
funds
2024
Expenditure
433,578
110,000
28,573
572,151
399,612
Total 2024
258,001
120,950
20,661
399,612
Page 18

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Invg$tmonts
General
Funds
Young
BgqUOSt
Endowed
Funds
School
Charity
Restricted
Funds
Award Fund
Total
funds
Total
funds
2024
Balance at 1 August 2024
Disposals
Unrealised gainslllossesl
1,263,079
{600,3051
131,581
451,696
2,797,882
4.512,657
1600,3051
67,333
4,484,114
{313,0001
341,478
5,225
169.4731
Balanca at 31 July 2025
794,355
456,921
2,728,409
3,979,685
4,512,592
Historical Cost of Investments
1,263,014
451,696
2,797,882
4,512,592
At the 31 July 2025 all of the above investments are held in funds managed by CCLA.
Debtor$
2025
2024
Due within one year
Prepayments and accrued income
31,084
33,406
31.084
33,406
11.
Creditors- Amounts falling due within one year
2025
2024
Accruals
10,300
48,467
9,750
Grant Commitments
58,767
9,750
Page 19

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
12.
ststgmgnt offunds
ststement offunds - curront ygar
Restatgd
Balance at 1
August 2024
Transfers
inlout
Gainsl Balance at
ILos$g$) 31 July 2025
Incom& Expenditure
Unrestrlcted
funds
General Funds
Young Bequest
3.279,793
468.213
358.195
{462.7271
3,175.261
473.438
5.225
3,748,006
358,195
(462,7271
5,225
3,648,699
Endowment
funds
School Charity
lQueens Road)
Pemanenl
School Charity
lQueens Road)
1.100,000
1,100.000
1,424
85,765
1455,0681
437,352
169,4731
1.101,424
85.765
1455,0681
437.352
169,4731
1,100.000
Restrlcted
funds
Award FLJnd
138,000
72,949
1117,0831
25,375
18,759
138,000
Total of funds
4.987,430
516.909
1572.1511
145,4891 4,886.699
Page 20

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
12.
ststgmgnt offunds (Continued)
ststement of funds - prior ygar
As restated
Balan￿ al
1 August
2023
As restated
Gainsl
Balance at
(Losses) 31 July 2024
Transfers
inlout
Income Expenditure
Unrestrlcted
funds
General Funds
Young Bequest
1,794,018
399,004
1,485,775
9,134
3,279,793
468,213
14,320
45,755
2,193,022
14,320
1,494,909
45,755
3,748,006
Endowmgnt
funds
School Charity
lQueens Road)
Pemanenl
1,100,000
1,100,000
School Charity
lQueens Road)
1,848
85,585
1271,929)
19,1341
195,054
1,424
1,101,848
85,585
1271,9291
19,1341
195,054
1,101,424
Restrlcted
funds
Award FLJnd
1,580,163
70,626
1127,6831 11,485,775)
100,669
138,000
Total of funds
4,875,033
170,531
1399,6121
341,478
4,987,430
Page 21

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
12.
ststgmgnt offunds (Continued)
Purpose of thg endowmont funds
School Charity - Quegns Road
The School Charity (Queens Road) is a pemianenl endowment in which Iruslees may apply the clear
income in providing benefits for the school for which provision is not made from public funds.
Restricted funds
Award Fund
The income from the investments of the fund is to be used in promoting the education of pupils allending
Reading School, children who are about lo attend the school and former PLJpils who have attended the
school for not less than two years by awarding allowances, exhibitions and prizes.
Unrg$tri¢tgd funds
Thg Young Bgqugst
The trustees can apply the clear income and al ils discretion the whole or part of the property of the
Young Bequest in the following ways..
al In providing benefit for the school for which provision is not made from public funds.
bl In promoting the education of pupils attending Reading School, children who are about lo allend the
school and former pupils who have attended the school for not less than two years.
Transfgrs
A special resolution was passed on 7 October 2024 which confirmed that the Award Restricted Fund
should be held al its original value of £138,000. The excess has been transferrd to the General
Unreslricled Fund.
Page 22

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Summary offunds
Summary offunds- Qu￿9nt ygar
Balance at 1
August 2024
Transfers
inlout
Gainsl Balance at
(Losses) 31 July 2025
Incom& Expenditure
General funds
Endowment
funds
Restricted funds
3.748,006
358.195
{462.727)
5,225
3,648.699
1,101,424
138,000
85,765
72.949
1455,0681
1117,0831
437,352
25.375
169,4731
18,759
1,100,000
138.000
4,987,430
516,909
1572,1511
145,4891 4,886,699
Summary offunds - prior year
Balan￿ at
1 August
2023
Transfers
inlout
Gainsl
Balance at
(Losses) 31 July 2024
Income
Expenditure
General funds
Endowment
funds
Restricted funds
2,193,022
14,320
1,494,909
45,755
3,748,006
1,101,848
1,580,163
85,585
70,626
1271,9291
19,1341
1127,6831 11,485,775)
195,054
100,669
1,101,424
138,000
4,875,033
170,531
1399,612)
341,478
4,987,430
14.
Analysis of net assets between funds
Analysis of net assets between funds - current year
Endowment
funds
2025
Restricted Unrestricted
funds
funds
2025
2025
Total
funds
2025
Fixed asset investments
1,100,000
138,000
2,741,620
965,846
158,7671
3,979,620
965,846
(58.767)
Current assets
Creditors due within one year
Total
1,100,000
138,000
3,648,699
4,886,699
Page 23

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
14.
Analysis of ngt assets betwegn funds {¢ontinuodl
Analysis of ngt as$gt$ betwggn funds - prior ygar
Endowment
funds
2024
Restricted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Fixed asset investments
Current assets
Creditors due within one year
1,101,424
138,000
3,273,168
484,588
19,7501
4,512,592
484,588
19,7501
Total
1,101,424
138,000
3,748,006
4,987,430
15. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltles
2025
2024
Nel incomelexpenditure for the year 18s per Statement of Financial
Acliviliesl
1100,7311
112,397
Adjustments for:
Gainsl{losses) on investments
Dividends, interests and rents from investments
Decrease in debtors
45,489
1146,9671
2,322
49,017
1341,4781
1170,5311
59,019
500
Increase in creditors
Net cash used In operatlng actlvltles
11 $0,870)
1340,0931
16.
Analysis of cash and cash equivalents
2025
2024
Cash in hand
934.762
451,182
Total cash and cash equlvalents
934,762
451,182
Page 24

THE READING FOUNDATION
IA company limited by guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Analysis of Changes in ngt d&bt
At 1 August
2024 Cash flows
At 31 July
2025
Cash at bank and in hand
451,182
483,580
934,762
451.182
483.580
934.762
18. Related party transactions
Reading School has common directors with the Reading Foundation. Total donab'ons and grants of
£433,57812024.. £318,751) were made to Reading School in the current year.
None of the members of the council received any remuneration or were reimbursed any expenses {2024..
£Nill.
Page 25