Charity registration number 1154019
Company registration number 08216279 (England and Wales)
REES FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
REES FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr R C Bertie
Mr P Robinson
Mrs C Rock
Charity number
1154019
Company number
08216279
Registered office
Craftsman House
De Salis Drive
Hampton Lovett Ind. Est.
Droitwich
Worcestershire
WR9 0QE
Independent examiner
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
REES FOUNDATION
CONTENTS
Page
Trustees' report
1 - 7
Independent examiner's report
8
Statement of financial activities
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
REES FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The trustees present their report and financial statements for the year ended 31 December 2023.

The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS102) (effective 1 January 2019) in preparing the annual report and financial statements of the charity.

Charitable objectives and activities

The charity's objects are for the public benefit, to relieve by such means as are charitable, children and adults who have had foster care or residential care experience by the provision of support, advice, resources, assistance (financial or otherwise), grants, programmes and other activities to:

 

a) advance education;

b) relieve unemployment;

c) promote the social inclusion among these beneficiaries who are excluded from society, or parts of society, due to their social or economic position; and

d) develop their capacity and skills in such a way that they are better able to identify, and help meet, their needs to participate more fully in society.

 

Rees Foundation’s provision of opportunities to care experienced adults with no upper age limit is somewhat unique as many organisations limit the projects and activities to care experienced people who are 25 and under.

 

We will continue to grow our relationships with care experienced people and strengthen our co-productive approach to the development and delivery of support, activities, services, and opportunities that will enhance the lives of those with care experience.

Public benefit

The Trustees have complied with their duty to have due regard to the guidance on public benefit as published by the Charity Commission and consider all the activities undertaken to further the charity's purposes to be of public benefit. We are delighted to provide a range of details across the report to illustrate this commitment.

 

 

Our thanks

We are thankful to all of the staff, supporters and volunteers (including our ambassadors) at Rees Foundation for their hard work and unwavering commitment. The relentless efforts and positive attitude of the community have been instrumental in helping the Charity to achieve its goals and continue to thrive.

 

Achievements and performance

This year the Charity performed exceptionally well, with considerable year on year increases both in terms of beneficiary engagement and financial income.

 

We are particularly delighted to have raised the profile of the Charity through our engagements with care leavers, care experienced people, practitioners, and public and private organisations at national level. There has been a continued effort by the Charity in marketing a range of our training and commissionable services. We continued to increase the charity’s visibility through social media and our website which received 64,723 visits during 2023 an increase of 13,470 on the previous year.

 

As well as UK reach, the Charity was honoured to be invited to meet with and share our knowledge and expertise with officials from the Australian and German Leaving Care Departments.

 

Significantly, this year marked the agreement of a new five-year strategy for the Foundation which sets our ambitions to build community; support practice improvement; provide safe homes; and reach potential. Each of these four pillars contains a series of co-developed projects for implementation with all our activities underpinned by a commitment to being a care leaver-led organisation. The achievements and performance set out below complement this strategic vision and help set it up for future success.

 

 

REES FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Rees Foundation retains its pledge to the Mindful Employer charter; an NHS initiative that supports employers who take a positive approach towards mental health at work. Rees Foundation maintains its commitment to the mental health and wellbeing of our staff, associates, and stakeholders and almost all of our staff are Mental Health First Aid qualified. Four more staff members were trained in Level 4 in Trauma Informed Care helping to fulfill our aim to become a trauma informed organisation.

We were successful in renewing our Cyber Essentials Security Certification which will re-assure our beneficiaries, customers, and other stakeholders that Rees Foundation are committed to securing the Charity’s IT systems against cyber-attacks.

 

New for 2023 was our investment to grow fundraising from charitable sources to complement our existing work with income from commissioned services. We registered with, and act in compliance with the Fundraising Regulator. We employed an in-house fundraiser (managed by the Charity Chief Executive) to begin to build our charity fundraising infrastructure plus pipeline. We did not engage the services of any third-party professional fundraising agencies to undertake direct response fundraising, solicitation or cultivation, either by phone, online or face-to-face. Primary activities have been trust and foundation applications, crowdfunding plus an increase in our corporate offerings, to work towards continued financial sustainability.

 

No complaints in respect of our fundraising activity have been received and we continue to ensure that the charity’s fundraising efforts are carefully managed and targeted so as to protect vulnerable people. We record donor details and preferences on our secure database which complies with GDPR standards, and we ensure we only contact them if they opt in to this option. All supporters have the option to update their contact preferences at any time.

 

REES FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Review of Operational Activities

Our Success in 2023:

The demand for our services increased in 2023, highlighting the need for continued support. 2023 saw our database of care experienced people grow from 2280 to over 4523. We had 1655 enquiries over the year, across 922 different care experienced people.

As well as individual support, we met with the Information Commissioners Officers (ICO) and a group of care experienced individuals to share their personal experiences of the Subject Access Request process in respect of their care records. It is hoped that the sharing of their experiences will influence change in policy and practice for care leavers in the future. We also actively championed National Care Leavers Week as a recognised nationwide annual event during October each year. This year we were honoured to present awards and to speak at Local Authority care leaver events. The charity’s theme this year was to promote relationships & connections, and we ran a competition for care leavers to design the logo for the event.

 

Overview of services and impact

 

Grant-making support

Rees Foundation was pleased to offer financial assistance through an Educational Grant making project funded by the Welland Trust. Care experienced adults who are not eligible for student finance may apply for support with tuition fees and other associated costs to support their further education and training. Additionally we were pleased to be able to offer some help for those experiencing a financial crisis to aid the purchase of groceries and utility costs.

 

 

 

programme, as a result 12 were supported directly into employment or self-employment.

 

 

 

 

 

REES FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

 

 

Risk Management

The Charity takes a strict view in the safeguarding and welfare of its beneficiaries. This risk is alleviated by annual review and update of organizational policies. Rigorous recruitment and vetting procedures. Bi-annual staff training and maintaining safeguarding as a fixed agenda item in staff supervision. The Charity has clear reporting procedures and undertakes risk assessments in relation to its operations.

 

An incident of financial risk within our grant giving processes underscored the critical importance of robust fraud detection and financial risk management mechanisms. The charity was able to learn key lessons from the incident and subsequent measures were implemented to strengthen our defence against similar threats in the future.

 

Stewardship of the charity’s resources (financial and staff) to enable it to deliver its mission are reviewed quarterly, with any situations of concern flagged to the Trustees within 14 days.

 

Rees is committed to addressing and learning from the experiences of our beneficiaries and actively invites feedback and representation. An example of our commitment to continuous improvement includes changes and improvements made to the application process for the Imagination Library project following feedback received.

 

What will we do in 2024?

The recent extension of local authorities ‘duty to provide Personal Advisor (PA) support’ to all care leavers up to 25 where requested reflects the application of corporate parenting principles (despite many care leavers opting out of continued support). However, for those over 25, there is a lack of support, despite them being impacted by their experiences in the care system.

 

Rees is committed to exploring options to sustain our lifelong network and make a lasting impact on those who continue to navigate the challenges associated with aging out of the care system. We look forward to continuing to examine this issue as part of the delivery of our five-year strategy.

 

REES FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Financial review

Rees Foundation income for 2023 was £873,197, a reduction of £179,182 (17%) from 2022, with the Charity receiving a substantial grant from the Welland Trust albeit £225,000 less than had been applied for. Grants from other sources were £119,356 more than in 2022.

Funding sources included: John Lewis Foundation, National Lottery, Charles Hayward, Eveson Trust, National Grid, Aviva Community and Geoff Herrington.

 

Corporate and individual donations grew to £36,461 from £4,681 in 2022 which included donations from Barberry Group Ltd and Fine Fourteen.

Total income relating to invoiced services such as training and memberships declined by 45% from the previous year to £87,380.

Charitable giving in the form of grants increased to £106,955, from £66,542 in the prior year.

Financial assistance for crisis payments for groceries and domestic energy costs was significantly higher during 2023 by 80% to £35,889, with a total number of individuals supported rising from 232 to 353, also a notable increase in average support provided, from £86 to £102 due to ongoing cost of living increases.

Total charitable expenditure increased from £780,143 in 2022 to £851,637 in 2023, with staff costs increasing from £431,273 to £547,950.

There was a net surplus for the year of £21,560 an overall result that was 16% greater than budget. The positive budget variance was largely attributable to lower-than-expected general employment costs and the sizeable contribution received from grant providers and corporate and individual donations.

The charity reserves stood at £392,029 at the end of the year, with a cash balance of £464,627.

Reserves policy

The Trustees consider that general unrestricted funds should be targeted at a level equal to six months’ essential expenditure to ensure that the charity has sufficient reserves to meet costs as they fall due, whilst continuing to deliver on the charitable objectives. Such reserves as of 31 December 2023 exceeded this level, the Trustees are confident that sufficient cash resources are available to continue to sustain the Charitable activities and withstand unexpected events. The Trustees will continue to monitor the level of reserves.

Structure, governance and management

Charity structure

Our staff resources have expanded to accommodate the growing number of enquiries, engagements and activities. Whatever the nature of the initial enquiry; it is essential that the Charity afford the time, care and attention for our care experienced people to develop trust and to know that Rees Foundation really care about what might be going on for them and where we can identify potential options to help them. At year end, we employed 15 people compared to the previous year end when we employed 13 people on our staff team.

 

We have maintained our pool of self-employed trainers/facilitators, this diverse group of care experienced independent consultants bring a whole range of valuable skills and knowledge to Rees Foundation and are instrumental in the development and delivery of our training services. This aligns with working towards our aim of improving economic status of care experienced individuals and improving their career opportunities.

 

Governing document

The charity is governed by its Memorandum and Articles of Association dated 17th September 2012, as amended by special resolution registered at Companies House on 17th September 2013.

REES FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

Trustees

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

 

Mr R C Bertie
Ms J Rees
(Resigned 31 December 2023)
Mr I Frank
(Resigned 19 July 2023)
Mr M Mikely
(Resigned 29 February 2024)
Mr P Robinson
Mrs C Rock

Recruitment, appointment and resignation of Trustees

The Trustees, who are also directors under company law, are appointed by ordinary resolution or by the existing Trustees of the charity. All Trustees give of their time freely and none claimed remuneration in the year.

The founder and Chair of the Charity stepped down as from the 31st December 2023, and two long-standing Trustees resigned from the Charity, one in July 2023, and another in February 2024. both expressed their desire to remain supporters of the Charity on an informal basis. Our thanks to all for their service with particular recognition of Jan Rees’s tremendous role in the Charity’s initiation, growth and development.

 

The new Chair (R Bertie) and Vice-Chair (P Robinson) were appointed in post in March 2024.

 

The Board agreed a requirement for the Charity to recruit additional Trustees and a recruitment campaign began in September 2023 with a deliberate focus on expanding the diversity of the Board, including increasing the representation of people with lived experience. Four new Trustees were appointed to join the charity in spring 2024.

Organisational structure

The Trustees are responsible for managing the charity. Responsibilities for some functions are delegated to individuals as they see fit. The Trustees provide direction and decision making to the Charity Chief Executive who is responsible for the day to day running of the charity.

Induction and training of new trustees

New Trustees are provided with information in the form of a Trustees' Handbook including details from the Charity Commission explaining their duties and responsibilities as Trustees, the terms of their engagement as Trustee and details of the charity's key principles and aims for its work.

 

Each Trustee is also provided with a copy of the charity's Memorandum and Articles of Association and a recommended resource and reading list to assist their role and development; these are also available from the charity.

REES FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Statement of trustees' responsibilities

The trustees, who are also the directors of Rees Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

Mr R C Bertie
Chair of the Board of Trustees
27 June 2024
REES FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF REES FOUNDATION
- 8 -

I report to the trustees on my examination of the financial statements of Rees Foundation (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of FCCA, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Colm McGrory FCA
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Dated: 31 July 2024
REES FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Unrestricted
Unrestricted
Restricted
Unrestricted
Unrestricted
funds
funds
funds
funds
funds
general
designated
Total
general
designated
Total
2023
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
£
Income from:
Donations and legacies
3
684,584
-
101,233
785,817
889,681
-
889,681
Charitable activities
4
87,380
-
-
87,380
162,698
-
162,698
Total income
771,964
-
101,233
873,197
1,052,379
-
1,052,379
Charitable activities
5
807,503
-
44,134
851,637
780,143
-
780,143
Net income/(expenditure)
(35,539)
-
57,099
21,560
272,236
-
272,236
Transfers between funds
5,000
(5,000)
-
-
-
-
-
Net movement in funds
(30,539)
(5,000)
57,099
21,560
272,236
-
272,236
Reconciliation of funds:
Fund balances at 1 January 2023
365,469
5,000
-
370,469
93,233
5,000
98,233
Fund balances at 31 December 2023
334,930
-
57,099
392,029
365,469
5,000
370,469

All income and expenditure derive from continuing activities.

REES FOUNDATION
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
881
2,369
Tangible assets
12
10,717
12,037
11,598
14,406
Current assets
Debtors
13
16,011
12,854
Cash at bank and in hand
464,627
411,510
480,638
424,364
Creditors: amounts falling due within one year
14
(100,207)
(68,301)
Net current assets
380,431
356,063
Total assets less current liabilities
392,029
370,469
Income funds
Restricted funds
16
57,099
-
Unrestricted funds
Designated funds
17
-
5,000
General unrestricted funds
334,930
365,469
334,930
370,469
392,029
370,469

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 27 July 2024
Mr R C Bertie
Trustee
Company Registration No. 08216279
REES FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
56,801
268,911
Investing activities
Purchase of tangible fixed assets
(3,684)
(7,087)
Net cash used in investing activities
(3,684)
(7,087)
Net cash used in financing activities
-
-
Net increase in cash and cash equivalents
53,117
261,824
Cash and cash equivalents at beginning of year
411,510
149,686
Cash and cash equivalents at end of year
464,627
411,510
REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Charity information

Rees Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Craftsman House, De Salis Drive, Hampton Lovett Ind. Est., Droitwich, Worcestershire, WR9 0QE.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, the Companies Act 2006 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)". The charity is a Public Benefit Entity as defined by FRS 102.

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 £.

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 and that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds set aside out of unrestricted income by the trustees for the furtherance of particular aspects of the charity's objects. The trustees may, at their discretion, reallocate these funds back to the general fund.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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.

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

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.10
Taxation

The charity is exempt from corporation tax on its charitable activities.

1.11
Retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the chartable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
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
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
36,461
-
36,461
4,681
-
4,681

Grants receivable

648,123
101,233
749,356
885,000
-
885,000
684,584
101,233
785,817
889,681
-
889,681
Donations and gifts
Corporate donations
22,998
-
22,998
3,235
-
3,235
Individual donations
13,395
-
13,395
1,446
-
1,446
Other
68
-
68
-
-
-
36,461
-
36,461
4,681
-
4,681
Grants receivable for core activities
The Welland Trust
630,000
-
630,000
885,000
-
885,000
Other
18,123
101,233
119,356
-
-
-
648,123
101,233
749,356
885,000
-
885,000
REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
4

Income from charitable activities

Unrestricted funds general

Unrestricted funds general

2023
2022
£
£

'Ask Jan' membership income

64,970
65,571
Other income
22,410
97,127
87,380
162,698
5
Expenditure on charitable activities
2023
2022
£
£
Direct costs
Staff costs
547,950
431,273

Care experienced ambassadors

6,181
12,552

Panel work costs

12,725
31,723

Volunteer expenses

200
97

Crowd funding payments

27
-

Financial support

35,889
19,895

Direct staff : Travel & subsistence

14,261
10,954

Arts Project

86
68

Wellbeing session costs

11,107
35,111

'Ask Jan' membership costs

11,677
10,146
640,103
551,819
Grant funding of activities (see note 6)
106,955
66,542
Share of support and governance costs (see note 7)
Support
100,704
156,332
Governance
3,875
5,450
851,637
780,143
Analysis by fund
Unrestricted funds
807,503
780,143
Restricted funds
44,134
-
851,637
780,143
REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
6
Grants payable

 

 

2023
2022
£
£
Grants to individuals
106,955
66,542
7
Support costs
Support costs
Governance costs
2023
2022
Basis of allocation
£
£
£
£
Staff costs
605
-
605
840

Allocated on time

Depreciation and amortisation
6,491
-
6,491
5,298

Use of assets

Rent, rates and utilities

15,144
-
15,144
15,144

Use of premises

Indirect staff:

Admin and sundry expenses

36,279
-
36,279
35,865

Estimated usage

Staff training and events

5,594
-
5,594
12,770

Personnel roles

Advertising and marketing

8,185
-
8,185
4,368

Nature of cost

Books and publications

4,061
-
4,061
1,515

Usage of material

Insurance

4,947
-
4,947
4,026

Usage of premises

Bank charges

4,005
-
4,005
3,473

Pro-rata to activity

Management recharge
-
-
-
51,000

Allocated on time

Legal and professional

15,393
-
15,393
22,033

Governance

Accountancy charges
-
3,875
3,875
-
Governance

Auditors' remuneration

-
-
-
5,450
Governance
100,704
3,875
104,579
161,782
Analysed between
Charitable activities
100,704
3,875
104,579
161,782

 

The Independent Examiners' fee for the year was £3,875 (2022: £Nil).

 

The Auditors' fee for the year was £Nil (2022: £5,450).

REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
8
Trustees

None of the trustees (or any persons connected with them) received any remuneration for the year (2022: £Nil).

 

3 trustees were reimbursed expenses during the year totalling £752 (2022: £626) relating to travel costs and sundry other costs.

 

Rees Foundation was reimbursed expenditure incurred during the year on behalf of trustees of £Nil (2022: £1,737). As at 31 December 2022, there is a balance of £Nil owed to Rees Foundation (2022: £341).

 

There were no other transactions with trustees during the current or prior year.

9
Employees
Number of employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Staff
15
12
Employment costs
2023
2022
£
£
Wages and salaries
477,269
367,546
Social security costs
49,934
42,111
Pension costs
20,747
21,616
Other staff costs (non-payroll)
605
840
548,555
432,113

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

 

The charge to profit or loss in respect of the defined contribution scheme was £20,747 (2022: 21,616).

The number of employees whose annual remuneration (excluding employer pension costs and employer's national insurance costs) was £60,000 or more were:
2023
2022
Number
Number
£60,001 to £70,000
1
-
£70,001 to £80,000
1
1
10
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
11
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
5,965
Amortisation and impairment
At 1 January 2023
-
Amortisation charged for the year
5,084
At 31 December 2023
5,084
Carrying amount
At 31 December 2023
881
At 31 December 2022
2,369
12
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2023
19,184
Additions
3,684
Disposals
(2,908)
At 31 December 2023
19,960
Depreciation and impairment
At 1 January 2023
7,148
Depreciation charged in the year
5,003
Eliminated in respect of disposals
(2,908)
At 31 December 2023
9,243
Carrying amount
At 31 December 2023
10,717
At 31 December 2022
12,037
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,413
598
Other debtors
1,200
1,610
Prepayments and accrued income
7,398
10,646
16,011
12,854
REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
14
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
14,013
12,585
Trade creditors
46,904
23,187
Other creditors
4,724
4,910
Accruals and deferred income
34,566
27,619
100,207
68,301

Included within accruals and deferred income is deferred income of £30,697 (2022: £21,294). This comprises income received in relation to future years from members who have subscribed to 'Ask Jan' memberships. These are variable in length from 175 days to 12 months.

£
Balance as at 1 January 2022
21,294
Amount released to income (Ask Jan memberships)
(64,970)
Amount released to income (Training and other income)
(22,410)
Amount deferred in year
96,783
Balance as at 31 December 2022
30,697
16
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
National Lottery Community Org
-
41,543
(40,867)
676
John Lewis Foundation - Future Me
-
39,690
(1,722)
37,968
Eveson Trust
-
20,000
(1,545)
18,455
-
101,233
(44,134)
57,099
REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Restricted funds
(Continued)
- 20 -

National Lottery Community Org Cost of Living Fund - Let's Connect

Funds to provide support to community organisations with tackling the demands of the increase in the cost of living.

 

John Lewis Foundation (JLF) – Future Me

Restricted grant in that an impact evaluation report is required with clear monitoring of expenditure. To undertake activities that encourage and support youths into employment.

 

Eveson Trust - Let's Connect Youth Project  

Funding for projects & activities designed to alleviate incidences of loneliness, isolation and mental health issues, by facilitating events and contact networks that also nurture friendship groups.

 

 

17
Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds
Balance at
1 January 2022
Incoming resources
Balance at
1 January 2023
Transfers
Balance at
31 December 2023
£
£
£
£
£
Mr R C Bertie fund
5,000
-
5,000
(5,000)
-
5,000
-
5,000
(5,000)
-
REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
18
Analysis of net assets between funds
Unrestricted funds
Designated funds
Restricted funds
Total
Unrestricted funds
Designated funds
Total
2023
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
£
Fund balances at 31 December 2023 are represented by:
Intangible fixed assets
881
-
-
881
2,369
-
2,369
Tangible assets
10,717
-
-
10,717
12,037
-
12,037
Current assets/(liabilities)
323,332
-
57,099
380,431
351,063
5,000
356,063
334,930
-
57,099
392,029
365,469
5,000
370,469
REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
19
Related party transactions
Remuneration of key management personnel

The key management personnel are represented by the roles within management and finance. The total employee benefits (including employer pension contributions) received by key management personnel was as follows:

2023
2022
£
£
Aggregate compensation
231,372
134,938
Transactions with related parties

During the year, the charitable company had the following transactions with related parties through Ms J Rees, a trustee of the charity, also being a director of these companies:-

 

The Welland Trust

 

Donations given to the charity by The Welland Trust amounted to £630,000 (2022: £885,000).

 

Costs recharged by The Welland Trust amounted to £12,000 (2022: £63,276).

 

As at 31 December 2023, there are no balances owed by or to The Welland Trust (2022: £Nil).

 

Welland Residential Holdings Limited

 

Expenditure incurred on behalf of Welland Residential Holdings Limited amounted to £Nil (2022: £164).

 

As at 31 December 2023, there is a balance of £Nil owed by Welland Residential Holdings Limited (2022: £79).

 

Refugee Host Support Limited

 

Costs recharged to Refugee Host Support Limited amounted to £17,958 (2022: £24,634).

 

As at 31 December 2023, there are no balances owed by or to Refugee Host Support Limited (2022: £Nil).

 

20
Limited company

The charity is a limited company but has taken advantage of the exemption available to dispense with the word 'limited' after its name.

21
Members' liability

The liability of each member is limited to a sum not exceeding £10, being the amount that each member undertakes to contribute to the assets of the charity in the event of it being wound up while he, she or it is a member, or within one year after he, she or it ceases to be a member, for:

REES FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
22
Share capital

The charity is a charitable company limited by guarantee, and as such does not have share capital.

23
Cash generated from operations
2023
2022
£
£
Surplus for the year
21,560
272,236
Adjustments for:
Amortisation and impairment of intangible assets
1,488
1,488
Depreciation and impairment of tangible fixed assets
5,003
3,810
Movements in working capital:
(Increase)/decrease in debtors
(3,156)
40,546
Increase/(decrease) in creditors
22,503
(33,046)
Increase/(decrease) in deferred income
9,403
(16,123)
Cash generated from operations
56,801
268,911
24
Analysis of changes in net funds

The charity had no material debt during the year.

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