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##
||||Page|
|---|---|---|---|
|Legal and administrative||information||
|Trustees'
Annual
Report||||
|Chair's statement|||14|
|Independent
auditor's|report|||
|Statement of financial|activities||18|
|Balance sheet|||19|
|Statement of cash flows|||20|
|Notes to the financial|statements||21|
##
|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE|REFERENCE AND ADMINISTRATIVE
DETAILS OF THE|CHARITY,|CHARITY,||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|ITSTRUSTEES AND ADVISERS|||||||||||||
|For the year||ended 31 December 2020|||||||||||
|Company|reg. no.||5906258||||||||||
|Charity reg.||no. (England)|1117249||||||||||
|Charity reg.||no. (Scotland)|SC043470||||||||||
|Registered||office|International
House||||||||||
||||Holborn
Viaduct||||||||||
||||London, EC1A 2BN||||||||||
|Trustees|||The trustees,
who are also|||directors|under|company||||law, who served|
||||during the year and|up to the date of|||this report||were||as follows:||
||||S M O' Hara, Chair||||Resigned||31 March 2021||||
||||A Reid, Treasurer||||||||||
||||R Newman||||Resigned||31 March 2021||||
||||BPorter||||||||||
||||J Bensted||||||||||
||||W Payne||||||||||
||||J Killen||||||||||
||||M May||||||||||
||||BBates||||||||||
||||H Bowden||||Resigned||20 February 2020||||
||||E Milburn||||Resigned||20January 2020||||
||||C Argar||||Resigned||01 June 2020||||
||||M Wemms,
Chair||||Appointed||01||April 2021||
|Key management|||lan Merrill, CEO, Company|||Secretary|||||||
|personnel|||||||||||||
|Bankers|||CAF Bank Ltd||||Virgin|Money pic|||||
||||25 Kings
Hill Avenue||||30-31|Haymarket|||||
||||Kent, ME194JQ||||London,||SW1Y|||4EX|
||||Aldermore
Bank PLC||||Nationwide|||Building Society|||
||||1st Floor, Block BWestern|||House|Kings|Park||Road|||
||||Lynch Wood||||Moulton||Park||||
||||Peterborough,
PE2|6F2|||Northampton,||||NN3 6NWY||
|Independent||Auditor|Richard
Billinghurst|FCA|||||||||
||||Senior Statutory
Auditor||||||||||
||||Knox Cropper
LLP||||||||||
||||Chartered
Accountants||and|Statutory|Auditors||||||
||||65 Leadenhall
Street||||||||||
||||London, EC3A 2AD||||||||||
|Accountants|||NfP Accountants
Ltd||||||||||
||||No. 38,52 Peckham|Grove|||||||||
||||London, SE156FR||||||||||
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||||Unrestricted|Unrestricted||Restricted||Total|Unrestricted|Unrestricted|Restricted|Restricted||Total|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||Funds||Funds||Funds||Funds||Funds||Funds|
|||Note||2020||2020||2020||2019||2019||2019|
|||||F.||L||F.|||||||
|INCOME FROM|||||||||||||||
|Donations
and legacies||2||467,098||300,780||767,878||342,535||245,000||587,535|
|Charitable
activities|||||||||||||||
|Reading
programme||4||26,693||||26,693||24,457||||24,457|
|Investment
income:|bank interest|3||1,696||||1,696||1,126||||1,126|
|Other income||||17,185||||17,185|||||||
|TOTAL INCOME||||512,672||300,780||813,452||368,118||245,000||613,118|
|EXPENDITURE ON:|||||||||||||||
|Raising funds||6||49,741||831||50,572||48,991||||48,991|
|Charitable
activities|||||||||||||||
|Reading
programme||6||296,951||291,665||588,616||452,995||209,553||662,548|
|Turning
pages|||||||||||||||
|sustainability
income project||||18,421||||18,421||18,801||||18,801|
|(TPSI)|||||||||||||||
|||||315,372||291,665||607,037||471,796||209,553||681,349|
|TOTAL EXPENDITURE||||365,113||292,496||657,609||520,787||209,553||730,340|
|NET INCOME/(EXPENDITURE)||FOR|||||||||||||
|THE YEAR||||147,559||8,284||155,843||(152,669)||35,447||(117,222)|
|RECONCILIATION|OF FUNDS||||||||||||||
|TOTAL FUNDS AT|1 JANUARY|2020||371,171||35,447||406,618||523,840||||523,840|
|TOTAL FUNDS AT|31 DECEMBER 2020||R|518,730|R|43,731|E|562,461|Z|371,171|2|35,447|2|406,618|
##
|||||2020||2019||
|---|---|---|---|---|---|---|---|
|Cash flows from operating|activities||||155,843||(117,222)|
|Net cash provided
by/ (used in) operating|||activities|||||
|(Increase)/decrease
in|stocks|||||||
|(Increase)/decrease
in|debtors|||(1,629)||(25,937)||
|Increase/(decrease)
in|creditors|||129,748||32,053||
||||||128,119||6,116|
|Change
in cash and cash|equivalents|in the year|||283,962||(111,106)|
|Cash and cash equivalents|at the beginning||of the|year|437,334||548,440|
|Cash and cash equivalents|at the year|end|||721,296||437,334|
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|2.|DONATIONS
AND LEGACIES|DONATIONS
AND LEGACIES||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|||Total|Total|
|||||Funds||Funds||Funds|Funds|
|||||2020||2020||2020|2019|
|||||||||E||
||AB Charitable
Trust|||20,000||||20,000|20,000|
||Adrian Swire Charitable
Trust|||30,000||||30,000|20,000|
||AoK Trust||||||||10,000|
||Baronets Trust|||||20,000||20,000||
||Beatrice Lang Foundation|||20,000||||20,000|20,000|
||Bell Foundation|||||20,000||20,000|60,000|
||Bernard Sunley Charitable|Foundation|||||||20,000|
||Big Lottery|||||||||
||- Reaching
Communities|||||125,000||125,000|125,000|
||- Covid-19 emergency
response|||||95,780||95,780||
||Brian Woolf Charitable
Trust||||||||15,000|
||Bromley Trust|||10,000||||10,000|15,000|
||Charles
Hayward
Foundation|||25,000||||25,000||
||City & Metropolitan
Welfare|Charity||||2,000||2,000||
||Drapers'
Charitable
Fund|||20,000||||20,000|40,000|
||Garfield Weston Foundation|||25,000||||25,000|25,000|
||Goldsmith
Company||||||||20,000|
||Haberdashers'
Company||||||||15,000|
||Henry Smith Charity|||||15,000||15,000|30,000|
||J &C Findlay Charitable
Foundation|||5,000||||5,000|5,000|
||Julia & Hans Rausing Trust|||62,500||||62,500||
||Peter Stebbings
Memorial
Trust|||||3,000||3,000||
||Philip & Marjorie Robinson|Trust|||||||5,000|
||Porticus
Foundation|||||20,000||20,000||
||Susanna
Peake Charitable|Trust||4,000||||4,000||
||St James' Place Charitable|Foundation||500||||500||
||The Baronets Trust||||||||10,000|
||The Dulverton
Trust||||||||30,000|
||The Joseph Ettedgu Charitable||Trust||||||5,000|
||Unwin Charitable
Trust|||10,000||||10,000||
||Tuixen Trust|||30,000||||30,000|30,000|
||Unwin Charitable
Trust|||10,000||||10,000||
||William
Cadbury
Charitable|Trust|||||||20,000|
||Legacies|||98,184||||98,184|3,143|
||Other donors,
indluding
major donors|||96,914||||96,914|44,392|
|||||467,098|R|300,780|R|767,878|587,535|
|3.|INCOME FROM INVESTMENTS|||||||||
|||||Unrestricted|Restricted|||Total|Total|
|||||Funds||Funds||Funds|Funds|
|||||2020||2020||2020|2019|
||Interest receivable from:|||||||||
||Bank interest: CAF|||87||||87|278|
||Bank interest: Aldermore|||640||||640|848|
||Bank interest: Nationwide|||969||||969||
|||||1,696|L'|Nil|L'|1,696|1,126|
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|||||Unrestricted|Restricted|Restricted||Total||Total|
|---|---|---|---|---|---|---|---|---|---|---|
|||||Funds||Funds||Funds||Funds|
|||||2020||2020||2020||2019|
|||||||||E|||
|Sale|of|reading|manuals|26,693||||26,693||24,457|
|||||26,693|f|Nil|f|26,693|f|24,457|
##
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##
||||Direct|Governance|Governance||Support||Total|Total|
|---|---|---|---|---|---|---|---|---|---|---|
|||Staff costs|costs||costs
L||costs
L||2020
F|2019f|
|Reading|programme|303,002|69,787||15,314||200,513||588,616|662,548|
|Turning|pages special||||||||||
|income|project (TPSI)|6,541|7,220||331||4,329||18,421|18,801|
|||309,543|77,007||15,645||204,842||607,037|681,349|
|Fundraising
costs||28,937|1,023||1,463||19,149||50,572|48,991|
|Governance
costs
Support costs||7,067
179,148
524,695 f|10,041
44,843
132,914|E|(17,108)
Nil|~223,991
f
Nil||f|657,609 f|730,340|
|2019|||||||||||
|Reading|programme|303,285|168,450||16,135||174,678||662,548||
|Turning|pages special||||||||||
|income|project (TPSI)|6,541|8,145||348||3,767||18,801||
|||309,826|176,595||16,483||178,445||681,349||
|Fundraising
costs||28,937|1,849||1,539||16,666||48,991||
|Governance costs
Support costs||7,067
142,569
f 488,399 f|10,955
52,542
241,941|f|(18,022)
Nil|~195.111
f
Nil||f|730,340||
##
##
|7.|NET INCOME|/ EXPENDITURE FOR THE|/ EXPENDITURE FOR THE|/ EXPENDITURE FOR THE|/ EXPENDITURE FOR THE|YEAR||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||This is stated|after charging Icrediting:||||||||||
|||||||||||2020|2019|
|||||||||||E||
||Independent
auditor's||/ examiner's
remuneration:|||||||||
||Independent|examiner's||fees||||||3,720|3,660|
|8.|STAFF COSTS AND||NUMBERS|||||||||
|||||Unrestricted|Restricted|||Total|Unrestricted|Restricted|Total|
|||||Funds||Funds||Funds|Funds|Funds|Funds|
|||||2020||2020||2020
L|2019|2019f|2019|
||Salary costs|||||||||||
||Wages and salaries|||253,590||103,975||357,565|255,897|145,680|401,577|
||Social security|costs||21,932||11,414||33,346|24,656|14,673|39,329|
||Pension costs|||7,606||3,121||10,727|7,677|4,370|12,047|
||Redundancy
costs|||20,000||||20,000||||
|||||303,128||118,510||421,638|288,230|164,723|452,953|
||Other staffing|costs||||||||||
||Recruitment|||19,370||12,950||32,320|1,288||1,288|
||Staff training
and development|||821||719||1,540|16,988|1,063|18,051|
||Temporary
staff|||||20,237||20,237|85||85|
||Consultancy|||500||48,460||48,960|13,176|2,846|16,022|
|||||323,819|R|200,876|E|524,695|8 319,767 8|168,632 8|488,399|
##
##
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##
##
##
||||||Unrestricted|Unrestricted|Restricted|Restricted||Total|Unrestricted|Unrestricted||Restricted||Total|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||Funds||Funds||Funds||Funds||Funds||Funds|
|||||||2020||2020||2020||2019||2019||2019|
|||||||||R||R|||||||
||Operations|team||travel||1,188||5,356||6,544||30,131||4,310||34,441|
||and subsistence||||||||||||||||
||Volunteer|recruitment|||and|978||2,340||3,318||9,574||2,946||12,520|
||support||||||||||||||||
||Volunteer|expenses and||||625||3,977||4,602||18,796||4,322||23,118|
||establishment||costs||||||||||||||
||Conference||attendance|||50||||50||666||659||1,325|
||Volunteer|conference||||224||361||585||16,684||4,957||21,641|
||Other operational|||costs||6||||6|||||||
|||||||3,071|R|12,034|R|15,105|8|75,851|8|17,194|8|93,045|
|14.|DEVELOPMENT|||AND|TRAINING COSTS||||||||||||
||||||Unrestricted||Restricted|||Total|Unrestricted|||Restricted||Total|
|||||||Funds||Funds||Funds||Funds||Funds||Funds|
|||||||2020||2020||2020||2019||2019||2019|
|||||||||R||R|||||||
||Training|||||||1,074||1,074||4,692||1,668||6,360|
||Resources|for training|||and|360||65||425||536||106||642|
||support||||||||||||||||
||Resources|for readers|||and|4,490||19,760||24,250||16,718||942||17,660|
||manuals||||||||||||||||
||Promotional||materials||and|||6,765||6,765||6,950||5,253||12,203|
||resources||||||||||||||||
||Distribution||and|postage||1,194||4,187||5,381||10,177||1,701||11,878|
||||||F|6,044|P|31,851|F|37,895|8|39,073|8|9,670|8|48,743|
##
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##
||||Unrestricted|Restricted|Restricted||Total|Unrestricted|Unrestricted||Restricted|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||Funds||Funds||Funds||Funds||Funds|Funds|
||||2020||2020||2020||2019||2019f|2019|
|Website and online costs|||||596||596||284|||284|
|PRA and|other|adverts|||15,634||15,634||14,876|||14,876|
|Monitoring|and|evaluation|312||||312||7,103||3,170|10,273|
|Other marketing||costs|210||35||245||1,229|||1,229|
||||522|F|16,265|R|16,787|8|23,492|8|3,170 8|26,662|
##
|||||Unrestricted|Restricted|Restricted||Total|Unrestricted|Unrestricted|Restricted||Total|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||Funds||Funds||Funds||Funds|Funds||Funds|
|||||2020||2020||2020||2019|2019||2019|
|Turning|pages sustainable|||income project||||||||||
|||||45||||45||105|||105|
|Readers|and Manual||Print|||||||||||
|Product|marking|and||||||||59|||59|
|comms||||||||||||||
|Shopify|monthly|charge||271||||271||274|||274|
|Order fulfilment||||6,904||||6,904||7,695|||7,695|
|Travel costs||||||||||12|||12|
|||||7,220|2|Nil|E|7,220|8|8,145|Nil|8|8,145|
|PREMISES COSTS||||||||||||||
|||||Unrestricted|Restricted|||Total|Unrestricted||Restricted||Total|
|||||Funds||Funds||Funds||Funds|Funds||Funds|
|||||2020||2020||2020||2019|2019||2019|
|||||||P||L'||||||
|Insurance||||||1,610||1,610||1,559|||1,559|
|Legal and professional||||13||144||157||360|1,000||1,360|
|Services||||||||||||||
|Rates||||1,459||||1,459||280|789||1,069|
|Rent||||7,561||7,560||15,121||18,067|2,219||20,286|
|Removal|costs|||1,198||190||1,388||383|216||599|
|Other premises||costs||88||||88||327|||327|
|||||10,319|R|9,504|E|19,823|8|20,976 8|4,224|8|25,200|
##
##
##
##
|||Unrestricted|Restricted|Restricted||Total|Unrestricted|Unrestricted|Restricted||Total|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||Funds||Funds||Funds||Funds|Funds||Funds|
|||2020||2020||2020||2019|2019f||2019|
|Repairs and Maintenance||98||361||459||10|||10|
|Subscriptions||568||195||763||785|254||1,039|
|Computer IStationery||536||555||1,091||1,873|301||2,174|
|General office costs||399||884||1,283||1,144|238||1,382|
|Office Equipment||||13,247||13,247||11,213|3,175||14,388|
|Telephone||4,586||2,905||7,491||5,396|82||5,478|
|Sundry expenses||208||478||686||1,836|1,035||2,871|
|||6,395|R|18,625|R|25,020|8|22,257 8|5,085|8|27,342|
|GOVERNANCE COSTS||||||||||||
|||Unrestricted|Restricted|||Total|Unrestricted||Restricted||Total|
|||Funds||Funds||Funds||Funds|Funds||Funds|
|||2020||2020||2020||2019|2019||2019|
|Independent
examiner's||3,197||523||3,720||3,660|||3,660|
|fee||||||||||||
|Audit preparation||1,200||||1,200||1,200|||1,200|
|Bank charges||130||||130||112|||112|
|Board meetings||||474||474||2,049|804||2,853|
|Trustees' expenses||251||766||1,017||2,356|774||3,130|
|Strategic review||500||||500||||||
|Other governance|costs|2,000||1,000||3,000||||||
|||7,278|F|2,763|F|10,041|8|9,377 8|1,578|8|10,955|
##
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##
|DEBTORS||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2020||2019|
|Due within one|year|||||||||||
|Trade debtors|||||||||1,403||915|
|Accrued income|||||||||23,480||20,000|
|VAT repayment|due||||||||388||229|
|P repayments|||||||||4,763||4,763|
|Other debtors|||||||||||3,549|
||||||||||30,034|8|29,456|
|CREDITORS: AMOUNTS||FALLING DUE||WITHIN ONE YEAR||||||||
||||||||||2020||2019|
|Deferred grant income|||||||||142,500||50,000|
|Social security and other taxes|||||||||10,793|||
|Accruals|||||||||35,577||10,173|
||||||||||188,870|8|60,173|
|Deferred income||||||||||||
|Balance at 1 January 2020|||||||||50,000|||
|Amount
released|to incoming||resources||||||(50,000)|||
|Amount
deferred|in the year||||||||142,500||50,000|
|Balance at 31 December 2020|||||||||142,500|8|50,000|
|STATEMENT OF FUNDS||||||||||||
|||||||||Transfers
and||||
|||||Brought||Incoming|Resources||investment||Carried|
|||||Forward||Resources|Expended|gains/(losses)|||Forward|
||||||||R|||||
|DESIGNATED FUNDS||||||||||||
|Contingency
Fund|||||||||50,000||50,000|
|Development
Fund|||||||||75,000||75,000|
|||||Nil|R|Nil|Nil|R|125,000|L|125,000|
|RESTRICTED FUNDS||||||||||||
|National
reading|network|||35,447||300,780|(292,496)||||43,731|
|||||35,447|E|300,780|R (292,496)||Nil|2|43,731|
|SUMMARY OF FUNDS||||||||||||
|Designated
Funds
General
Funds||||371,171||512,672|~365,113|125,000
~125,000|||125,000
303,730|
|||||371,171||512,672|(365,113)||||518,730|
|Restricted
Funds||||35,447||300,780|(292,496)||||43,731|
|||||406,618|R|813,452|2 (657,609)|2|Nil|L|562,461|
##
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##
||STATEMENT OFFUNDS
—2019|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Transfers and||||
||||Brought||Incoming|Resources|||investment||Carried|
||||Forwardf||Resourcesf|Expended
f||gains/(losses)
f|||Forwardf|
||RESTRICTED FUNDS|||||||||||
||National reading network||||245,000|(209,553)|||||35,447|
|||2|Nil|2|245,000|~2206,553||2|Nil|2|35,447|
||SUMMARY OFFUNDS|||||||||||
||General Funds||523,840||368,118|(520,787)|||||371,171|
||Restricted Funds||||245,000|(209,553)|||||35,447|
|||6|523,840|2|613,118|~2730,340||2|Nil|f|406,618|
|24.|ANALYSIS OF NET ASSETS BETWEEN FUNDS|||||||||||
||||||Unrestricted||Funds|||||
||||||Designated||General||Restricted||Total|
||||||Funds||Funds||Funds||Funds|
||||||R||R||||R|
||Tangible fixed assets||||||1||||1|
||Net current assets||||125,000||393,729||43,731||562,460|
|||||E|125,000|f|393,730|f|43,731|2|562,461|
|25.|ANALYSIS OF THE NET MOVEMENT|IN FUNDS||||||||||
|||||Unrestricted||Restricted|||Total||Total|
||||||Funds||Funds||Funds||Funds|
||||||2020||2020||2020||2019|
||Net movement
in funds||||147,559||8,284||155,843||(117,222)|
|||||8|147,559|8|8,284|8|155,843|~2117,222||
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