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The Dollywood Foundation UK Annual Report and Financial Statements for the year ended 31 December 2024

Charity Registration No. 1121917 (England and Wales). SC045571 (Scotland) Company Registration No. 06400437 (England and Wales)

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Legal & Administrative Information

Trustees Dolly Parton
Ted Miller
Ruth Barker
Trevor Civval
Louise Johns-Shepherd
Secretary Ruth Barker
President Jeffrey Conyers
UK Executive Director Steve Korris
Charity Registration No. 1121917 (Scotland – SC045571)
Company number 06400437
Registered office 167-169 Great Portland Street
5th Floor
London
W1W 5PF
Accountants Burfords
Chartered Certified Accountants
19 Welling High Street
Welling
Kent
DA16 1TR
Auditor Mitchell Charlesworth
24 Nicholas Street
Chester
CH1 2AU
Bankers NatWest Bank
Strand Branch
PO Box 414
38 Strand
London
WC2H 5JB

Annual Report & Financial Statements for year ended 31 December 2024 |

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Table of Contents

Table of Contents
Message From Our Chair..................................................................................................... 04
Who We Are............................................................................................................................ 05
What We Do............................................................................................................................ 06
Objectives and Activities........................................................................................................................................... 06
Our Goal...................................................................................................................................................................... 06
Our Strategy................................................................................................................................................................ 06
Our Partnerships......................................................................................................................................................... 06
Trustees’ Report..................................................................................................................... 07
Public Benefits Statement.......................................................................................................................................... 07
Activities 2024............................................................................................................................................................. 07
Achievements 2024.................................................................................................................................................... 08
Our Impact................................................................................................................................................................... 10
How We Are Funded.................................................................................................................................................. 14
Financial Review.......................................................................................................................................................... 14
Plans for Future Periods............................................................................................................................................. 14
Risk Management....................................................................................................................................................... 14
Internal Controls......................................................................................................................................................... 15
Business Relationships............................................................................................................................................... 15
Structure, Governance and Management............................................................................................................... 15
Method of Appointment or Election of Trustees.................................................................................................... 15
Statement of Trustees’ Responsibilities................................................................................................................... 16
Auditor......................................................................................................................................................................... 16
Disclosure of Information to the Auditor................................................................................................................. 16
Audited Accounts.................................................................................................................. 17
Independent Auditor’s Report................................................................................................................................... 17
Statement of Financial Activity................................................................................................................................... 22
Balance Sheet.............................................................................................................................................................. 23
Statement of Cashflows.............................................................................................................................................. 24
Notes to the Financial Statements............................................................................................................................. 25

Annual Report & Financial Statements for year ended 31 December 2024 |

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Letter from Dolly

“Hi everybody. This is Dolly.

“Before he passed away, my Daddy told me the Imagination Library was probably the most important thing I had ever done. I can’t tell you how much that meant to me because I created the Imagination Library as a tribute to my Daddy. He was the smartest man I have ever known but I know in my heart his inability to read probably kept him from fulfilling all of his dreams.

“Inspiring kids to love to read became my mission. In the beginning, my hope was simply to inspire the children in my home county but here we are today with a worldwide program that gives a book a month to millions of children.

“Of course, I have not done this alone. The real heroes of our story are the thousands of local organizations who have embraced my dream and made it their own. They raise millions of dollars each year and wake up every day with a passion to make sure their kids have every opportunity to succeed.

“It’s been quite a journey but we have so much more left to do. I would love for your community to join our family so please take the time to explore our website. Let’s share this dream that all children should grow up in a home full of books.

“The first step is always the hardest, but you’ll never know unless you try…”

Annual Report & Financial Statements for year ended 31 December 2024 |

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Who We Are

Dolly Parton

Chairperson

Dolly Parton is an international icon with unprecedented success in music, entertainment, business and philanthropy. Including her eleven Grammy Awards, Dolly is the most honored female country performer , of all time. Yet her achievements transcend her entertainment career.

In 1995, Dolly launched an exciting new effort, Dolly Parton’s Imagination Library, to benefit the children of her home county in East Tennessee, USA. Inspired by her father, Dolly’s vision was to inspire a love of reading among her county’s preschool children and their families.

Dolly’s dream grew year by year and country by country and today her Imagination Library mails millions of highquality, age-appropriate books monthly to registered children from birth to age five.

Ted Miller

Vice Chairperson

Ruth Barker

Secretary

Ted leads Dolly Parton Productions and represents Dolly in her various business interests across the country. Ted forged the partnership which created Dollywood in 1986.

Ruth is a senior communications consultant with extensive experience in marketing, internal communications and public relations. Ruth first became involved with Dolly Parton’s Imagination Library in 2007, when she supported the US team to develop PR plans for the UK launch.

Ruth became a Trustee in 2015, having previously held a non executive director role with another UK charity committed to improving opportunities for young people.

Trevor Civval

Louise Johns-Shepherd

Trevor is an experienced executive and nonexecutive director, with both commercial and third sector organisations. He has particular experience in finance, strategy, and governance. Recent appointments have included as Chair of Corra Foundation, Changes East Lothian, and as trustee of both FirstPort and Social Bite. In addition, Trevor is a member of the Kilfinan Group, which offers mentoring advice to charity chief executives.

Trevor’s professional career has largely been in corporate finance and corporate advisory. Most recently, he was a founding partner of a firm which was established specifically to provide corporate finance advice to pension scheme trustees. Trevor lives in Edinburgh.

Louise is an experienced charity leader and nonexecutive director. She is currently the Chief Executive of The Kids Network. From 2013 – 2023 she was the Chief Executive of the Centre for Literacy in Primary Education, a charity that works to support, research and promote the teaching of literacy throughout England. She has been the headteacher of two schools in England and worked in national education policy. Louise has a career-long commitment to putting early reading and literacy at the very heart of children’s learning and has seen first hand how book ownership and a love of reading really do change lives. Louise is also a school governor, on the board of directors of a children’s book prize and a trustee for a London Theatre.

Annual Report & Financial Statements for year ended 31 December 2024 |

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What We Do

Objectives and Activities

The Dollywood Foundation UK is a charitable company limited by guarantee and constituted under a Memorandum and Articles of Association dated 16 October 2007. It is a registered charity, number 1121917 (Scotland - SC045571).

The charity is a branch of The Dollywood Foundation Inc. and was established specifically to deliver Dolly Parton’s Imagination Library to children living in the UK. The Imagination Library is the flagship programme of The Dollywood Foundation and is dedicated to improving children’s lives by inspiring a love of reading. Children enrolled in the Imagination Library receive a free high quality, age-appropriate book, personally addressed to them, every month until they turn five. Receiving a new book every month creates special moments for children and their families and has been shown to help literacy development. As Dolly Parton often says, ‘You can never get enough books into the hands of enough children.’

The Imagination Library is delivered in partnership with The Dollywood Foundation UK and local community organisations. Each local Imagination Library is championed and operated by people in the community, making sure it complements existing local projects and services. Local partners promote the Imagination Library and register children via our secure online book order system. Any community can participate in the Imagination Library if the offer of enrolment is available to all children aged between birth and five years within the community. All the books are new, and two are special editions with a welcome letter inserted in the first book and a letter of congratulations inserted into the last book, which the child receives the month they turn five.

All books in the Imagination Library are published by Penguin Random House UK and carefully selected by a panel of experts in early childhood development and reading. The selection of books is refreshed regularly so families with multiple children will receive new books to enjoy.

The quality, frequency and duration of the Imagination Library’s book gifting are what makes the programme unique, and it has wide-ranging impacts on communication skills, vocabulary, school readiness and literacy development. Children registered in the programme at birth receive up to 60 books, creating their own personal library at home.

Our Goal

Our goal is to increase the number of children receiving a book each month through the expansion of the Imagination Library throughout the UK. This goal will be achieved by concentrating our efforts on extending our reach to new communities and investment in marketing resources. We will hire additional staff as required. The success, or otherwise, of the charity is measured on a yearly basis by its progress towards this goal.

Our Strategy

Our intent is to extend the reach of the Imagination Library by focusing on establishing new local programmes in key focus areas, and on sustaining and growing existing programmes by supporting our partners to reach more children in their communities. Although challenging economic conditions limited some partners from renewing or expanding their participation — resulting in slower growth than anticipated for 2024 and likely 2025—our focus remains on longterm impact and sustainable growth.

Our Partnerships

We have gifted over 6 million books to under-fives in the UK and Ireland. That’s 6 million opportunities to inspire a lifelong love of books and reading in our youngest children. With our partnership approach, we can work together to get books into the homes, hands and hearts of children everywhere. We work with a range of partners across the UK and Ireland, all of whom share our belief that all children should grow up in a home full of books.

Annual Report & Financial Statements for year ended 31 December 2024 |

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Trustees’ Report

The trustees present their report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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) (as amended for accounting periods commencing from 1 January 2019)”.

Public Benefit Statement

The trustees have considered the activities and achievements of the charity for 2024 and its plans for 2025 against the Public Benefit Guidance issued by the Charity Commission. They agreed that the public who benefit directly from the work of the charity are those children up to the age of five receiving books through Dolly Parton’s Imagination Library. This free access to reading material promotes the home learning environment and helps to improve children’s vocabulary, speech, language and communication, confidence, imagination, empathy, and early literacy development. Children benefit directly, but there are also benefits for parents, caregivers, family members and the wider community.

Activities 2024

The Dollywood Foundation UK staff team was led by an Executive Director with three Regional Directors (one full-time, two part-time) covering the four UK nations and the Republic of Ireland.

By the end of 2024, a total of 6,303,713 books had been sent to children living in all four nations of the UK since Dolly Parton’s Imagination Library was launched in December 2007. During that time, books have been distributed successfully every month, with no interruptions in service, including during the Covid pandemic. During 2024 we worked with 330 local programme partners to mail 674,819 books to over 76,000 children.

We launched the Imagination Library in the Republic of Ireland in February 2019. At the end of 2024, 383,034 books had been mailed to children living in Dublin, Cork, and Kildare, with over 6,000 children actively enrolled.

In August 2024, the Foundation announced the resignation of Executive Director Dr Marion Gillooly to pursue a career allowing for part-time employment. Marion has been an invaluable leader during her tenure, and we are grateful for her many contributions that have significantly advanced our mission to get books into the hands and hearts of children across the U.K. The Foundation are pleased to announce the appointment of Steve Korris as new Executive Director from January 2025. Steve joins the Foundation from a leading UK financial capability charity, leading programmatic growth and delivery teams across the UK.

Annual Report & Financial Statements for year ended 31 December 2024 |

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Achievements 2024

6 Million Books

In 2024 we celebrated reaching the amazing milestone of 6 million books gifted since 2008!

Inaugural Booklist Launch Event

In January, we hosted our inaugural Booklist Launch Event with publishing partner, Penguin Random House.

The event showcased the quality and diversity of the 60 titles selected by our Book Selection Committee to be mailed to children throughout 2024.

We welcomed featured authors and illustrators Kim Hillyard, Nadia Shireen and Neil Clark, who spoke about the joy and inspiration behind their children’s books. The event provided the opportunity to share and celebrate the amazing achievements of our community partners enrolling families to receive their monthly book.

New community-wide programmes

We celebrated launching two new local authority wide programme in East Riding of Yorkshire (June) and in the London Borough of Lambeth (September). By the end of 2024 over 8600 books were sent out to families in these new areas.

Annual Report & Financial Statements for year ended 31 December 2024 |

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Scottish Parliament Exhibition

In March, we showcased the Imagination Library at a 3-day exhibition in the Scottish Parliament, generating interest and support from Members of the Scottish Parliament across the political spectrum.

Sponsoring the event, Dunfermline MSP Shirley-Anne Somerville said:

" The goals of this project align very closely with my own commitment to promoting education and literacy in Dunfermline. … The Imagination Library therefore gives us a unique opportunity to make a real difference in the lives of local families. That is something that should never be underestimated."

The event preceded a partnership with Better World Books who invested in the Imagination Library in Scotland to put more books into the hands of more children.

Republic of Ireland milestone

In June, our largest Republic of Ireland community partner, the Childhood Development Initiative (CDI), celebrated their 300k book gifting milestone. Covering all families across the Dublin 24 part of the city, CDI enrol families for Imagination Library books as part of a wider initiative to support family’s literacy and wellbeing.

Our continued thanks to our delivery partner An Post who support books reaching children in the Republic of Ireland.

Annual Report & Financial Statements for year ended 31 December 2024 |

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Why is Dolly Parton’s Imagination Library Important?

Sharing books from birth not only supports the development of language and literacy but creates the perfect environment to nurture bonds between babies and their caregivers.

Picture a young child snuggling in, sharing eye contact, enjoying the lilt of their parent’s voice as they connect with diverse characters and stories, exploring emotions and developing empathy.

These experiences are vital for children as they start to make sense of the world around them, giving them a solid foundation to explore, play and learn throughout their life.

How can the Imagination Library help

communities become the best place to grow up?

In 2022, Dr Caroline Zwierzchowska-Dod published ‘Books, Babies and Bonding’ - a U.K-based study of the Imagination Library. The research demonstrates the impact we can have on children through the simple gift of a book.

‘I absolutely love being part of the Imagination Library. I have always been a reader but my husband hasn‘t and I feel that the books we receive keeps my husband’s interest as my son loves it so much’

– Parent feedback

Raising Attainment for All

‘My children’s nursery

also give out an activity pack each month to match the book with they have loved doing and totally enhances the experience with the book.’ – Parent feedback

Receiving Imagination Library books for 12 months or more correlates with improved academic outcomes at age 5, across the socio-economic spectrum.

Building Secure Attachment

Participation in the Imagination Library strengthens parent-child attachment through frequent reading, with parents identifying bonding as the main benefit of participating in the programme.

Supporting the Home Learning Environment

The curated book selection introduced new authors into the home and is highly valued by parents. Parents who receive Imagination Library books are 30% more likely to read daily with their child, helping build foundational literacy skills.

A Place Based Approach

Through our place-based universal offer, research shows that the Imagination Library strengthens communities by creating “shared cultural capital”, where all children and families experience the same exposure to literature.

Annual Report & Financial Statements for year ended 31 December 2024 |

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North Lincolnshire Council

The local authority wide programme for all children through age 5 in North Lincolnshire has been operating since 2013, with more than 1 million books mailed to 26,696 children.

The council has followed the cohort of children through the Early Years Foundation Stage (EYFS), Year 1 phonics screening (Y1), and SATS tests at Key Stage 1 (KS1) and 2 (KS2).

Significantly enhanced emergent literacy skills are seen through EYFS as shown here:

==> picture [460 x 276] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |EYFS|Year 1 and KS1| |Significantly enhances|Producing lasting impact| |emergent literacy skills|on learning at school| |.e|In 2022, 67.1% of children registered with|In Year 1, 74% of children who had received| |the Imagination Library achieved a good|Imagination Library books met the expected| |level of development at the end of the EYFS,|standard in the phonics screening test,| |compared to 52.6% of children who were|compared to 57% of children who were not| |not registered,|difference 14.5ppts|registered,|difference 17ppts| |.e| |60% of boys registered with the Imagination|KS1 Reading: 67% met Expected Standard| |Library achieved a GLD compared to 49%|(registered with IL) and 54% for those not| |for boys not receiving the books|registered,|difference 13ppts| |.e| |When socio-demographic factors were|KS1 Writing: 57% met Expected Standard| |taken into account, Imagination Library|(registered with IL) and 49% for those not| |participation was related to a relative|registered,|difference 8ppts| |e| |increase in the likelihood of achieving a GLD|KS1 Maths: 67% met Expected Standard| |pass by 40% and achieving the Early|(registered with IL) and 58% for those not| |Learning Goal of reading by 54%|registered,|difference 9ppts|

----- End of picture text -----

Source: North Lincolnshire Council

The longitudinal Impact is evident throughout the primary years as this table for KS2 demonstrates:

% of Children achieving the expected standard or above

==> picture [426 x 127] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |RWM|Reading|Writing|Maths| |All Children|58.1%|71.7%|71.9%|69.6%| |Imagination Library Cohort|60.6%|73.5%|74.3%|70.8%| |Unregistered Cohort|52.7%|67.8%|66.6%|66.9%| |Diff - IL cohort vs unregistered|7.9%|5.7%|7.7%|3.9%|

----- End of picture text -----

Source: North Lincolnshire Council

Annual Report & Financial Statements for year ended 31 December 2024 |

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RENFREWSHIRE CASE STUDY

Inspiring Early Years Professionals in Renfrewshire

Renfrewshire Council have established a network of over 100 Imagination Library programme ambassadors from early years settings across Renfrewshire.

The group of qualified teachers and early years professionals support each other to bring the magic of the Imagination Library to Early Learning and Childhood Centres across the local authority.

100% of ambassadors agreed that Imagination Library supports children’s learning/development in early years settings and helps prepare children for starting school.

100% of ambassadors indicated that Imagination Library books are used as a vehicle to support wider learning

“Dolly Parton’s imagination library has not only provided literacy rich opportunities to so many children and families universally but the positive impact it has had on the children within our establishment has inspired our practitioners to weave this through all areas of the curriculum.”

95% of ambassadors agree that Imagination Library has raised the profile of reading for pleasure in their establishments and has supported the creation of a reading culture

“The Imagination Library supports our practice and helps our staff understand what makes a great quality book. We know these books have been quality checked and it gives practitioners confidence to look further into that author or type of book. It’s really improved the quality of books we provide within our early years settings.”

“The range of books and how carefully they are chosen really helps us focus on parts of the curriculum, like knowledge and understanding of rhyming and syllables. Using Renfrewshire’s Early Years Progression Tool, we have seen real improvements in outcomes for children.”

Early Years Progression Tool Milestones Comparison 2022-2023

==> picture [242 x 133] intentionally omitted <==

----- Start of picture text -----
2022 C ) 2023
100
80 93%
60 63% 78%
63%
40
20
0
I can listen, respond and recall I can recall and talk about
information appropriately in characters and events in stories
different contexts
----- End of picture text -----

FROM: Auchenlodment Early Learning and Childhood Centre in Johnstone

95% of ambassadors find Imagination Library a useful tool to support family learning and engagement

“We’ve seen our parental engagement sky rocket! We create home activities that link to each book and develop skills across literacy, numeracy and wellbeing. 87% of families take part in these activities.”

Annual Report & Financial Statements for year ended 31 December 2024 |

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What Parents Are Saying

My son was non-verbal and it was a book from the Imagination Library that made him say train for the first time

It's like a gifted surprise that they unwrap themselves and are excited about what book they'll receive this month.

I love that she picks the book and sits in my lap and asks me to read. She keeps picking the same book over and over and I can now actually read the book aloud to her without actually seeing the books

My child now reads the books to me competently and is only 3 Years old. Reading is his superpower and we may not have discovered it without the imagination library so again thanks to all who support this valuable asset to both Children and parents

The joy in my son's face when he received his very own book in the post and trying to open the envelope himself. It made books special and something to be treasured and gifted. We hold books in very high regard in our house and thus helped my son really value them.

I loved the last book we received for my eldest when he turned 5. The dedication inside is beautiful and really made me feel like we'd been on a wonderful journey together, one that I can look back on through the books we received at each age.

I cannot express how wonderful I think this scheme is. It is heartwarming and life changing for young people.

Annual Report & Financial Statements for year ended 31 December 2024 |

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How We Are Funded

The simplicity of the Imagination Library, and the efficiency of its cost-sharing model contribute to its sustainability.

The simplicity of the Imagination Library, and the efficiency of its cost-sharing model, contribute to its sustainability. The Dollywood Foundation US covers the operational, website, finance, IT, and central marketing overheads of The Dollywood Foundation UK. Furthermore, The Dollywood Foundation negotiates the costs of printing, wrapping, labelling, and mailing, with its commercial partners. The Dollywood Foundation UK assists community partners with local promotion for the programme, and in registering children via our secure, GDPR compliant, online database. Books are sent out to children at no cost to the families.

When we partner with a community, we ask that they pay just £2.16 per child per month towards the cost of the programme. Across the UK and Ireland, our community partners access funding from a range of sources. Some programmes have only one source of funding, such as the local authority, but others use a blended funding model. Local and central government, businesses big and small, public health, Rotary clubs, charities, housing associations, early years settings, trusts, foundations, and private individuals are all encouraged to support the programme.

Financial Review

The charity was initially funded in 2008 by a grant from its US parent of $25,000, a £5,000 donation from Shine Communications and the proceeds of a concert given by Dolly Parton totalling £121,785.

In 2024, sales of books and related services totalled £1,535,077 (2023: £1,460,404) and the charity made a surplus of £77,974 (2023: surplus of £42,449) after grants from its US parent totalling £Nil (2023: £Nil).

On 31 December 2024, the charity had free reserves of £573,091 (2023: £495,117) which are expected to cover the overheads of the charity in the short and medium terms. Any future shortfall in reserves will be covered by grants from the parent Foundation in the US.

Plans for Future Periods

In December 2023, the board approved a 5-year growth plan to increase the number of children receiving a book each month to 250,000 children.

The focus is on target local authority areas, aiming to establish community-wide access to the Imagination Library in selected areas.

Risk Management

The trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company and are satisfied that systems are in place to mitigate our exposure to the major risks.

Annual Report & Financial Statements for year ended 31 December 2024 |

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Internal Controls

The system of internal controls is designed to provide reasonable assurance against material statement or loss.

The Dollywood Foundation UK's internal controls include:

Business Relationships

Key suppliers are introduced to the charity by its US counterpart who has existing relationships with them.

Our publishing partner is Penguin Random House Ltd., packing and distributing the books is handled by Central Mailing Services Ltd, and the books are delivered to children’s homes via Royal Mail.

Structure, Governance and Management

The charity is a company limited by guarantee, incorporated on the 16 October 2007 and is therefore governed by a Memorandum and Articles of Association.

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

Day to day management is the responsibility of the UK Executive Director and/or delegated to The Dollywood Foundation US.

Method of Appointment or Election of Trustees

The management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association.

Under the Articles the number of trustees is at least 3 and not more than 6. There are currently 5 trustees.

Trustees are appointed by The Dollywood Foundation. Dolly Parton shall be the Chairman of the Board of Trustees for the duration of her tenure as a trustee.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Annual Report & Financial Statements for year ended 31 December 2024 |

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Statement of Trustees' Responsibilities

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

Company Law requires the trustees to prepare accounts 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 accounts, the trustees are required to:

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 accounts comply with the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 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.

Auditor

In accordance with the company's articles, a resolution proposing that Mitchell Charlesworth be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of Information to Auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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

22 August 2025

Ted Ted Miller Miller Trustee Trustee

Date

Annual Report & Financial Statements for year ended 31 December 2024 |

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Independent Auditor’s Report for the Year Ended 31 December 2024

Opinion

We have audited the financial statements of The Dollywood Foundation UK (the ‘Charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, 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 Practice).

In our opinion, the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 charity’s ability to 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 to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Annual Report & Financial Statements for year ended 31 December 2024 |

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Independent Auditor’s Report for the Year Ended 31 December 2024

Our responsibility is to 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 misstatement 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 to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Annual Report & Financial Statements for year ended 31 December 2024 |

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Independent Auditor’s Report for the Year Ended 31 December 2024

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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 auditor's 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 (UK) will always detect 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 to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

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Independent Auditor’s Report for the Year Ended 31 December 2024

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

(i)The presentation of the charity's Statement of Financial Activities, (ii) the charity's accounting policy for revenue recognition and (iii) the charity's use of restricted funds. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, and the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. This includes regulations concerning Data Protection Regulations.

Audit response to risks identified

As a result of performing the above, we identified income recognition, override of controls and adherence to laws and regulations as the key audit matters related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor’s Report for the Year Ended 31 December 2024

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to 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, the charitable company’s members as a body, and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Hall (Senior Statutory Auditor)

For and on behalf of Mitchell Charlesworth (Audit) Limited

24 Nicholas Street Chester CH1 2AU

Date: 5 September 2025

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Statement of Financial Activity

for the Year Ended 31 December 2024

Unrestricted Restricted Total Total
Funds Funds 2024 2023
Income from: Notes £ £ £ £
Donations and legacies 3 5,869 - 5,869 36,530
Charitable activities 4 1,535,077 - 1,535,077 1,460,404
Investments 5 5,635 - 5,635 4,899
Total Income
Expenditure On:		 1,546,581 - 1,546,581 1,501,833
Charitable Activities 6 1,468,607 - 1,468,607 1,459,384
Net income for the year/
Net movement in funds		 77,974 - 77,974 42,449
Fund balances at 1
January 2024		 495,117 - 495,117 452,668
Fund balances at 31
December 2024		 573,091 - 573,091 495,117

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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Balance Sheet

for the Year Ended 31 December 2024

2024 2023
Current assets Notes £ £
Stock 12 37,472 24,100
Debtors 14 231,229 208,320
Cash at bank and in hand 831,804 773,502
1,100,505 1,005,992
Creditors: amounts falling due within one year 15 (527,414) (510,805)
Net Current Assets 573,091 495,117
Total assets less current liabilities 573,091 495,117
Income funds
Unrestricted funds 17 573,091 495,117

The accounts were approved by the Trustees and authorised for issue on the

22 August 2025

Date

Ted Miller Trustee Trustee

Company Registration No. 06400437

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Statement of Cashflows

for the Year Ended 31 December 2024

2024 2023
Cash flows from operating Notes £ £
activities
Cash generated from/(absorbed by)
operations		 18 52,667 (21,859)
Investing Activities
Interest Received 5,635 4,899
Net cash generated from investing
activities		 5,635 4,899
Net cash used in financing activities - -
Net increase/(decrease) in cash and
cash equivalents		 58,302 (16,960)
Cash and cash equivalents at
beginning of year		 773,502 790,462
Cash and cash equivalents at end
of year		 831,804 773,502

Analysis of changes in net debt

The charity did not hold any overdraft or loan facilities nor finance lease obligation at the start or during the period covered by these financial statements or in the previous accounting period.

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Notes to the Financial Statements for the Year Ended 31 December 2024

1 Accounting policies

Company information

The Dollywood Foundation UK is a private company limited by guarantee incorporated in England and Wales. The registered office is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charities governing document, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended) 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)” (as amended for accounting periods commencing from 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 £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below

1.2 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.3 Incoming resources

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

1.4

Resources expended

Expenditure is recognised when a liability is incurred.

Charitable activities include expenditure associated with the delivery of children’s books to members.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

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Notes to the Financial Statements for the Year Ended 31 December 2024

1.5 Stock

Stock is valued at the lower of cost and net realisable value.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred on marketing, selling and distribution.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

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Notes to the Financial Statements for the Year Ended 31 December 2024

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

Donations and Legacies 2024
£		 2023
£
Donations and grants 5,869 36,530

3

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Notes to the Financial Statements for the Year Ended 31 December 2024

Donations and grants 2024
£		 2023
£
Donations 4,132 32,840
Gift aid 1,737 3,690
5,869 36,530
4 Charitable Activities
Income from charitable activities		 1,535,077 1,460,404
1,535,077 1,460,404
Analysis by fund
Unrestricted funds		 1,535,077 1,460,404
Restricted funds - -
1,535,077 1,460,404
5 Investments
Interest receivable		 5,635 4,899
6 Charitable activities
Books and mailing costs		 1,191,863 1,161,247
Staff Costs 218,265 217,933
Promotion, selection and marketing costs 4,656 7,689
Grants to Local Programme Partners 18,210 32,561
1,432,994 1,419,430
Share of support costs (see note 8) 28,638 31,817
Share of governance costs (see note 8) 6,975 8,137
1,468,607 1,459,384

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8

Notes to the Financial Statements for the Year Ended 31 December 2024

Analysis by fund 2024
£		 2023
£
Unrestricted funds 1,468,607 1,459,384
Restricted funds - -
1,468,607 1,459,384

7

Description of charitable activities

The provision of pre-primary education, specifically by the supply of children’s literature.

Support Costs Support Costs
£		 Governance
costs
£
2024
£		 2023
£		 Basis of
allocation
Travel 17,012 -
17,012		 19,129
Telephone and postage 3,430 -
3,430		 4,193
Bank charges 989 -
989		 1,094
Education and training 2,870 -
2,870		 2,904
Other expenses 4,337 -
4,337		 4,497
Directors Insurance - 1,066
1,066		 1,026 Governance
Accountancy and Payroll - 1,373
1,373		 2,875 Governance
Audit fees - 3,300
3,300		 3,000 Governance
Subscriptions and
licences		 - 1,236
1,236		 1,236 Governance
Unrestricted funds 28,638 6,975
35,613		 39,954
Analyses between
Charitable activities		 28,638 6,975
35,613		 39,954

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Notes to the Financial Statements for the Year Ended 31 December 2024

9 Net movement in Funds
2024		 2023
£ £
Net movement in funds is stated after
charging/(crediting)
Fees payable to the company's auditor for the audit of
the company's financial statements
3,300		 3,000

10 Trustees

None of the trustees (or any persons connected with them) received any material remuneration or benefits including reimbursed expenses from the charity during the current or prior year.

11 Employees

Number of Employees 2024 2023
The average monthly number employees during the year was: Number Number
Charitable Staff 3 4
3 4
Employment Costs 2024
£		 2023
£
Wages and salaries 158,104 189,788
Recruitment costs 37,004 0
Social security costs 12,618 16,170
Other pension costs 10,539 11,975
218,265 217,933

One employee received remuneration between £80,000 and £90,000 in the current year (2023 - 1). In addition the charity utilised 250 hours (2023 - 250) of donated time from the President of the Dollywood Foundation USA, Director of Operations and Chief Finance Officer DWF USA. All employees are full-time.

12

Stock 2024
£		 2023
£
Stock of books 37,472 24,100

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Notes to the Financial Statements for the Year Ended 31 December 2024

13 Financial instruments 2024
£		 2023
£
Carrying amount of financial assets 917,148 884,324
Carrying amount of financial liabilities
Measured at amortised cost		 137,251 117,528
14 Debtors
Amounts falling due within one year		 2024
£		 2023
£
Trade debtors 85,344 110,822
Due to Dollywood Foundation USA - -
VAT recoverable 46,218 28,547
Prepayments and accrued income 99,667 68,951
231,229 208,320
15 Creditors
Amounts falling due within one year		 2024
£		 2023
£
Deferred income 386,289 384,613
Trade creditors 128,937 109,001
PAYE payable 3,874 8,664
Other creditors and accruals 8,314 8,527
527,414 510,805

Deferred income arises from affiliates making advance payments for books.

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Notes to the Financial Statements for the Year Ended 31 December 2024

16 Related party transactions

Remuneration of key management personnel

Total employee benefits for key management personnel, including pension contributions and employer national insurance, were £77,689 (2023 - £109,833). The decrease compared with 2023 reflects the departure of one employee in late 2024, with the role remaining vacant until early 2025.

During the year the charity received £0 (2023 - £0) from The Dollywood Foundation USA to cover overheads and governance costs.

Remuneration of key management personnel is determined annually by Trustees. Traditionally, the level of remuneration has been determined by reference to other similar roles in the sector. Factors such as performance and RPI are also taken into account.

17

Unrestricted Funds 2024 2023
£ £
Unrestricted funds brought forward 495,117 452,668
Net movement in funds 77,974 42,449
Unrestricted funds carried forward 573,091 495,117

Due to the charity only being in receipt of unrestricted funds no analysis of net assets note has been produced as this is disclosed on the balance sheet.

18

Cash generated from operations 2024
£		 2023
£
Surplus for the year 77,974 42,449
Adjustments for Investment income recognised in
statement of financial activities		 (5,635) (4,899)
Movements in working capital:
Decrease/(increase) in stocks		 (13,372) 12,151
(Increase)/decrease in debtors 22,330 (47,113)
(Increase/(decrease) in creditors (28,630) (24,447)
Cash generated from operations 52,667 (21,859)

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