In his Will, after providing for funeral expenses, payments of debts and bequests to some of his wider family and friends, Richard decreed that his remaining estate should be used for charitable purposes. The Minister and Church Wardens of St. Sepulchre’s Church, Newgate, were entrusted with the bulk of his fortune, and the task of carrying out his wishes.
In the year 1706 Richard Reeve’s Foundation was established, after a legal challenge to the Will (by a disgruntled nephew) was settled. Richard’s directions to the Minister and Church Wardens were that his assets should be used:
"for the education and maintenance of poor children of the parish of St. Sepulchre’s and bringing them up in the fear of God and putting them forth Apprentices for some calling for their future good and for the suppressing of vice and immorality. . . ."
Richard’s estate consisted mainly of large amounts of money invested in the East India Company and the Bank of England, with some silver and lace. The Trustees of the new foundation liquidated the assets and used the proceeds to buy freehold property. Some of the freeholds they bought, in what is now London’s West End, are still held by the Foundation and these properties – in Beak Street and Upper James Street - provide income today.
The area of benefit has expanded far beyond the bounds of St. Sepulchre’s parish, encompassing the London boroughs of Islington and Camden as well as the City. But Richard Reeve’s original intentions are still the guiding principles for the grant-making by the Governors of the Foundation.
Richard is buried in the chapel of St. Sepulchre’s. The historic link between the Foundation and St. Sepulchre’s continues. The Rector and two churchwardens are active Governors of the Foundation.
Our current priority areas are:
- Funding projects that raise literacy and numeracy standards for early years and primary school students
- Aiding young people's Progression into Work through supporting improved Careers Education and Guidance in schools, and enabling increased opportunities for young people, aged 16-24, to 'earn while they learn'.