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2022-12-31-accounts

World Change Starts with Educated Children.[®]

ROOM TO READ UK LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

A company limited by shares Charity number: 1125803 Company number: 06685456

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CONTENTS

TRUSTEES’ REPORT FOR YEAR ENDED DECEMBER 2022 3
LEGAL AND ADMINISTRATIVE INFORMATION 3
ROOM TO READ OVERVIEW 4
STRUCTURE, GOVERNANCE AND MANAGEMENT 10
FINANCIAL REVIEW 14
STATEMENT OF TRUSTEES' (DIRECTORS') RESPONSIBILITIES 17
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF ROOM TO READ LTD 18
STATEMENT OF FINANCIAL ACTIVITIES 22
BALANCE SHEET 23
STATEMENT OF CASH FLOWS 24
NOTES TO THE FINANCIAL STATEMENTS 25

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ROOM TO READ UK LIMITED

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees of Room to Read UK Limited, who are also directors of the charity for the purposes of the Companies Act, present their Trustees’ report along with the audited financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out on pages 26 to 28 of the Accounts and comply with the Charities SORP (FRS 102): 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees who served during the year:

Dean Chan (Chair) Shari Freedman Martyn Gowar Douglas Hill (Treasurer) Heather Simpson

Management Team

Sotonye Oye-Somefun, Development Director, UK

Registered Office

Room to Read UK Limited Bracken House 1 Friday Street London EC4M 9BT

Telephone: +44 (0)207 873 3603 Email: uk@roomtoread.org Website: www.roomtoread.org

Auditor: McLachlan & Tiffin, Clifton House, Craigard Road, Crieff, PH7 4BN

Bankers: Barclays, Atlas House, 1-7 King Street, London, EC2V 8AU

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ROOM TO READ OVERVIEW

Room to Read UK Limited is a private limited company and UK registered charity whose shares are held by Room to Read a global organisation creating a world free from illiteracy and gender inequality. In these accounts we use the term “Room to Read UK Limited” to mean the UK charity and “Room to Read” to describe the global organisation of which Room to Read UK Limited is a part. Room to Read UK Limited shares the vision and mission of Room to Read.

Purposes and Goals

Room to Read UK Limited’s purpose, as set out in the objects contained in the company’s Memorandum and Articles of Association, is:

The relief of poverty by the provision of educational programmes and facilities including books, schools, scholarships, training, capacity building and other goods, equipment and services calculated to relieve such needs, in cooperation with other Room to Read offices throughout the world.

Vision

Room to Read envisions a world in which all children can pursue a quality education that prepares them to lead fulfilled lives and make positive change — in their families, communities and the world.

Mission

Room to Read transforms the lives of millions of children through education, creating a world free from illiteracy and gender inequality.

ROOM TO READ’S GOALS & OBJECTIVES

Goals

Room to Read is creating a world free from illiteracy and gender inequality. We are achieving this goal by helping children in historically low-income communities develop literacy skills and a habit of reading, and by supporting girls as they build skills to succeed in school and negotiate key life decisions. We collaborate with governments and other partner organisations to deliver positive outcomes for children at scale.

OUR RESULTS

38.4 MILLION+ CHILDREN BENEFITTED

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>55,000 ACTIVE PARTNER COMMUNITIES

23 COUNTRIES BENEFITTED

WHERE WE WORK

OUR PROGRAMMES

At the heart of what we do is our unwavering focus on creating a world free of illiteracy and gender inequality through the programmes described on the next page.

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LITERACY PROGRAMME

Through our Literacy Portfolio, we support children to become independent readers and lifelong learners. Our Literacy Programme trains and coaches teachers, creates quality books and curricular materials, and establishes libraries filled with children’s books in local languages that can be enjoyed at school or home. We partner with local communities, governments and the publishing industry to test and implement innovative models that help children succeed in school and develop a love of reading. We also integrate our literacy practices into public education systems to achieve literacy outcomes at scale.

In 2022, Room to Read continued to partner with governments to compensate for learning loss resulting from school closures in previous years. Financial turmoil – including skyrocketing inflation – presented challenges for many countries and increased the pressure on girls to drop out of school or marry early. Room to Read responded to these challenges by continuing to innovate, delivering our program in new and inventive formats and partnering closely with governments to scale our efforts.

Key highlights of 2022 include:

MEASURING THE IMPACT OF OUR WORK DURING THE PANDEMIC

We had to adapt quickly during the pandemic, using a variety of different methods to ensure that children still had access to quality education. Whilst we were pleased with the number of children we were able to reach we wanted to verify that these new methods were still as effective. We completed a two-year impact evaluation of our literacy programme in Tanzania, comparing outcomes between 50 Room to Read schools and 50 control schools. The study found that students in Room to Read schools outperformed their peers, even with a transition to mostly virtual learning during the pandemic.

CONTINUED SUPPORT IN THE AFTERMATH OF THE PANDEMIC

The pandemic continues to have a detrimental effect on children in historically low-income communities around the world – including Bangladesh. In 2022 our team in Bangladesh established Community Reading Forums in the town Cox's Bazar to address pandemic-related learning loss and encourage children to develop a habit of reading.

We also launched a two-year project in Lebanon to strengthen children's literacy skills and reading habits and support the transition of out-of-school children into the formal school system.

ENGAGING WITH SOUTH AFRICAN LEADERS

Our team in South Africa participated in a 2030 Reading Panel composed of 18 prominent South African leaders to evaluate progress and provide long-term leadership for improving literacy in the country.

TACKLING CIMATE CHANGE

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We released the Folklore & Environment Book Collection, which uses ancestral narratives from across the globe to tell stories about climate change and encourage reflection on the future of the natural world.

U.S. STORYBOOKS

We introduced a new U.S.-based collection of storybooks, the STEAM-Powered Careers Book Collection, to inspire children from groups underrepresented in Science, Technology, Education, Arts, and Mathematics (STEAM) fields and provide access to diverse career paths.

GIRLS’ EDUCATION PROGRAMME

Our Girls’ Education Programme ensures that girls build the skills to succeed in school and make key life decisions. We prepare girls to make positive change by providing life skills curriculum, opportunities for mentorship and peer support, and family and community engagement. Our work goes further by supporting young people of all genders to build knowledge and skills with which they can create a gender equal world. We help governments deliver similar programs through their own education systems.

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In 2022, we continued the implementation of innovative programming that combines remote and in-person activities, we continued to provide vital support to girls around the world, many of whom are facing unprecedented pressure to drop out of school due to early marriage or economic constraints. In 2022, we benefitted approximately 400,000 new girls and welcomed 1,919 girls to our growing group of 13,355 secondary school graduates.

In addition, through distance learning methods, including radio and television programming, we were able to benefit girls outside of our programme and provide life skills lessons to help them stay in school and advocate for themselves. Through these initiatives, we have benefited 3 million new girls since the start of the pandemic. The following are additional Girls’ Education Programme (GEP) highlights from 2022.

SHE CREATES CHANGE

We partnered with Rebel Girls, a global girl empowerment brand, to publish “She Creates Change”: 25 Stories of Courageous Young Women and Their Heroes, a book featuring 12 inspiring stories of girls from Room to Read's Girls' Education Programme who have used their life skills to create positive change in their lives and the lives of others. Building on the stories featured in the books and podcasts, we are now finalising the video portion of She Creates Change, which will be released on October 11th, 2023 for International Day of the Girl.

ROAD TO EQUALITY

In Nepal, we launched a “Road to Equality” radio drama series. More than 60 radio stations in Nepal partnered with Room to Read to pilot the series, allowing households across the country to access important messages about gender norms and equality, gender-specific discrimination in the classroom and the critical role of girls’ education.

SAFETY ASSESSMENTS OF LOCAL SCHOOLS IN INDIA

Thousands of Girls’ Education Programme participants across India conducted safety assessments of local schools, documenting accessibility issues and thinking critically about what makes a space safe and welcoming for girls trying to continue their education. More than 179,000 Girls’ Education Programme students and a group of more than 40,000 educators, caregivers, community leaders and government officials across nine states in India went on to advocate for the implementation of national laws and policies to support child protection in educational settings, with an emphasis on the importance of creating spaces for girls to flourish.

ADOLESCENT LIFE SKILLS ASSESSMENT

At Room to Read, we are committed to high-quality programme measurement, including the development of new measurement approaches where needed. We’re also committed to sharing those approaches and our findings with the global education community so that we can all learn from each other’s experiences. In that collaborative spirit, we published our Adolescent Life Skills Assessment (ALSA) with an accompanying in-depth technical report chronicling five years of development, testing and adaptation in seven countries.

The ALSA for Girls represents the culmination of years of development, testing and refinement — from our initial project scoping in 2015 to extensive piloting with thousands of adolescent girls across seven countries.

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GRAPHIC NOVELS

We released a series of graphic novels and accompanying curriculum in Italy in collaboration with local book creators to support girls’ future education and employability.

Recognition in 2022

We were honoured to have received several prestigious awards, including:

The Focus of Our Work in the UK

Room to Read UK Limited supports the delivery of its objectives through the raising of funds and awareness in support of Room to Read’s mission. Our main goals for the year were to:

  1. Raise an agreed USD 4.5m from UK donors

Room to Read operates on a global basis, thus all goals are set in USD, and many of Room to Read UK Limited’s supporters are expats or travel for business. Room to Read and Room to Read UK Limited enable supporters to make a gift to any of our fundraising offices globally e.g. the supporter may live in the UK but prefer to donate via the US if they are a US national. Room to Read UK Limited accounts purely for donations received in the UK charity.

To enable the Trustees to monitor the performance of the fundraising staff of Room to Read UK Limited, the Trustees are kept informed of monies raised by UK staff from donors based in the UK but physically donated via another Room to Read entity office.

2022 was a challenging fundraising year amidst the global cost of living crisis and the continued impact from the outcomes of the COVID-19 pandemic and Brexit. Many donors continued to focus on giving to domestic causes and to divert their international funding to focus on supporting

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Ukraine. Nonetheless, we were able to increase income by 400%. The total amount raised from UK donors was GBP 3,817,564.

For further detail please refer to page 15 (Financial Review of the Year)

  1. Support the global strategic plan ‘Vision 2025’ by increasing fundraising from:

  2. Individuals, Institutions, multi-laterals and corporates

  3. Annual fund

  4. Legacy gifts

We are grateful to all our supporters for their generosity and time in 2022. We were thrilled to receive significant support from new individual and corporate donors.

  1. Develop and deliver a calendar of communications, PR and events for the UK market, with the goal to enhance individual, retail and legacy giving.

In 2022 we held several face-to-face events including, the summer party and the gala. Donors were still getting reaccustomed to going to events and some remained reluctant due to the COVID-19 pandemic. We were pleased to restart the TechBikers fundraising rides.

Along with our offering of in-person events, we continued to offer UK donors virtual engagement opportunities during the year, including our online legacy event, encouraging donors to consider leaving a gift in their Will to Room to Read.

In addition, our volunteer London Chapter and supporters held a range of small-scale activities creating awareness and raising funds for Room to Read’s programme of work.

We would also like to thank the Financial Times for sharing their offices, free of charge, with Room to Read UK Limited (see Note 3, Notes to the Financial Statements pg 30)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Room to Read UK Limited works closely with Room to Read offices around the world to promote and advance Room to Read’s vision. This work includes sharing fundraising strategies and resources for Room to Read programmes that further Room to Read’s objectives, joint marketing and communications, creating opportunities for donors and media to learn about Room to Read’s mission and visit Room to Read projects, and accessing Room to Read’s global infrastructure and resources.

All income from Room to Read UK Limited, apart from that applied towards UK administrative support, governance and fundraising costs and that held on Reserve (as explained in the Reserves Policy on page 16), is directed towards programmes in the countries where Room to Read operates. Room to Read provides some operational support to Room to Read UK Limited which is covered under a Service Level Agreement. Under the terms of the Agreement, Room to Read provides human resources, IT, legal, finance, accounting, and fundraising support to Room to Read UK Limited.

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Room to Read's operations are organised according to a tiered global structure that includes development offices, in-country offices and the global office in the U.S. Room to Read is registered in the United States of America as a non-profit company and has a separate Board of Directors.

Governance Structure

Room to Read UK Limited operates under the laws of England and Wales and is governed by a Board of Trustees. The Trustees who held office during the financial year are as follows:

UK Board of Trustees 2022

Dean Chan (Chair) Shari Freedman Martyn Gowar Douglas Hill (Treasurer) Heather Simpson

Shari Freedman and Heather Simpson both hold staff roles for global Room to Read. They have been selected to be Room to Read UK Trustees on the basis of the relevance of their job function. The Memorandum and Articles of Association allows for not less than three and no more than seven Trustees to be appointed. Trustees hold office for a term of one year, following which they may be reappointed for any number of further terms. Trustees are appointed by ordinary resolution of the members. The Trustees receive no payment from Room to Read UK Limited and details of any Trustees’ expenses, if any, are disclosed in the Notes to the Accounts. No expenses were paid to Trustees this year. There were no changes made to the Room to Read UK Board of Trustees in 2022.

Trustees are required to meet no less than three times a year with a quorum. Additional meetings are held regularly to discuss operations and fundraising progress, review risks and receive updates on global Room to Read initiatives. The Trustees ensure that Room to Read UK Limited files annual returns with the Charity Commission and other regulatory bodies and engages independent auditors to review its financial statements. Other professional services may be engaged to ensure Room to Read UK Limited complies with all local tax, compliance and financial audit regulations.

Management Structure

UK Office

Room to Read UK Limited’s office is in London and we have two staff members who primarily support UK and global operations. Rocio Lopez, the Development Director UK and Europe was promoted to Room to Read Development Director for EMEA and we welcomed our new Director of Development UK, Sotonye Oye-Somefun in February 2022. We were also pleased to be able to host an intern again for 4 weeks.

Also, at the end of 2022, there were 10 global Room to Read staff based in the UK offices. Their payroll costs are recharged to their global office and therefore do not form part of Room to Read UK Limited’s payroll costs.

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Our stakeholders include supporters such as donors, companies, foundations, the UK Regional Board and our volunteer Chapters and supporters. In addition, our development staff provides support to our many global donors. Room to Read UK Limited also works closely with development and programme teams in the global office and other offices around the world to ensure that its operations are effective and efficient so that the charity is able to have greater benefit in the lives of children in the countries where Room to Read operates. More information about our global organisation, Room to Read (a company registered in the State of Washington USA, Unique Business Identifier 601 968 301, and registered address 465 California St Suite 1000, San Francisco, CA, 94104-1824, United States of America), including consolidated audited financial statements can be found at www.roomtoread.org and www.charitynavigator.org.

Remuneration of Staff

Staff salaries are reviewed annually by management and HR following the annual performance review for all staff. The two Trustees with global Room to Read staff positions have management oversight of this process. Salaries are set taking into consideration performance, grade boundaries, changes in the cost of living and the salary of similar roles in the voluntary sector. The pay of key management personnel is benchmarked against equivalent positions in the UK voluntary sector and within Room to Read globally. Details of key management personnel is included within note 5 of the financial statements.

UK Regional Board

The UK Regional Board exists to support the promotion and fundraising activity of Room to Read UK Limited in the UK and in Europe. The UK Regional Board does not have a governance role. The UK Regional Board is chaired by Elio Leoni Sceti. Andrew Balls, Sabine Chalmers and John Ridding are also members of Room to Read’s global Board of Directors. We welcomed four new Regional Board members in 2022; Carmen Alonso, Matthew Strassberg, Christopher and Cynthia Bake.

UK Regional Board 2022

Carmen Alonso and Matthew Strassberg Christopher and Cynthia Bake Richard and Sabine Chalmers Craig Dawson and Raquel Dawson Marisa Drew Jerry del Missier Elio Leoni Sceti (Chair) and Maria Leoni Sceti Björn Nilsson John Ridding Erica Wax and Andrew Balls

The UK Regional Board continued to provide significant support and mentorship to the charity.

Chapters

Room to Read UK Limited has the volunteer support of the London Chapter in the UK. Chapters are teams of volunteers who are committed to the vision of Room to Read. These dedicated individuals volunteer their valuable time to perform a variety of functions to support the organisation such as

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organising fundraising events and awareness-building activities in support of Room to Read UK Limited and its mission.

Fundraising Disclosure

Room to Read UK Limited is registered with the Fundraising Regulator. To date, no complaints have been notified to the Regulator.

Room to Read UK Limited did hire a consultant to cover the maternity leave of the new Development Director UK. All fundraising is undertaken by Room to Read UK Limited’s own staff, and donations are also received from events and activities organised by volunteer chapters and other supporters. Guidance is provided to chapters and volunteers where possible to ensure best practice in terms of fundraising regulations.

In terms of protecting vulnerable persons in fundraising practices, Room to Read UK Limited did not carry out mass direct mail or telemarketing in 2022. Any donation in excess of £1,000 GBP is alerted to the Development Director UK and, if appropriate, a staff member is assigned as a relationship manager for any higher value giving. These steps would alert us if a supporter was making repeated or unexpectedly large gifts. All giving by frequent givers is reviewed by management. All expressions of intent to give a gift in a Will are notified to the Development Director UK who joins or supports any such discussion. By these means, and by regular discussion in training, it is hoped that staff members would become aware of any giving patterns that might indicate a vulnerable person and appropriate measures could then be taken.

Risk Management

The Trustees have identified the following as the principal risks and uncertainty:

The Trustees review these risks on an on-going basis and satisfy themselves that adequate systems and procedures are in place to manage the risks identified. All significant activities that Room to Read UK Limited undertake are subject to a risk review as part of the initial project assessment and implementation. A formal risk register is managed by the staff and reviewed regularly by the Trustees.

In 2022, fundraising continued to be negatively affected by the aftermath of Brexit, the COVID-19 pandemic and the cost of living crisis. Donors continued to be more conservative in their giving.

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The UK gala raised significantly less than anticipated as we struggled to get attendance. Nonetheless, Room to Read UK Limited was fortunate to be supported generously by long term supporters and to acquire new significant corporate donors. The UK office staff have fully transitioned to working in a hybrid model, attending the office 1-2 days a week and working remotely for the remaining days.

Room to Read UK Limited does not hold material financial investments. UK donations received are held initially in a Current Account, and on a monthly basis balances are transferred to an interestbearing Business Savings account. Every quarter Room to Read UK Limited delivers the majority of the cash raised to the Room to Read global office for further funding to support programme country operations. The Trustees review the cash balances regularly to ensure that cash does not build up and will transfer funds accordingly. The Trustees review the financial budget proposal prior to submission and monitor financial performance regularly. A robust delegation of authority matrix with clearly defined levels of authorisation is in place for expenditure. Factors that are likely to affect the financial performance include significant turnover within the development staff, gain or loss of major donors, outcome of annual gala event and significant public relations. The Trustees review these risks on an on-going basis and satisfy themselves that adequate systems and procedures are in place to manage the risks identified.

Moreover, Room to Read UK Limited is part of Room to Read, a larger international NGO headquartered in the US. The parent organisation has an enterprise risk management strategy that involves and engages the senior management team, along with the global board of directors in assessing potential operational, strategic, financial, compliance and reputation risks to the organisation and its programme operations. Room to Read utilises key policies and procedures to reinforce management direction and internal controls to provide reasonable assurances regarding the achievement of operational objectives including effectiveness and efficiency of operations, accurate and reliable financial reports and compliance with applicable laws and regulations. Integral to the risk management strategy Room to Read utilises external financial audits, an internal audit team, an Audit Committee of the Board and a whistle-blower hotline, a line available to all staff globally to report any matters that do not comply with Room to Read’s policies, such as child protection, corruption, anti-terrorism etc.

FINANCIAL REVIEW

The Financial Statements have been prepared in accordance with the accounting policies set out on pages 26 to 28 of the attached financial statements and comply with the Companies Act 2006 and Charities SORP (FRS 102): 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

Review of the Year

The charity’s total income for the year, including interest and gifts in kind, increased by over £2.9million to £3,838,215 (2021: £929,081). This increase was due to significant funding received from new corporate donors and some gifts anticipated in 2021 made later.

We have seen a shift in our income, with the majority of voluntary income received from corporations and foundations as opposed to from individuals and family foundations which is where

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we would have historically received most of our income from. This is a by-product of the COVID-19 restrictions and staff turnover, which resulted in many lost relationships which will take time to revive.

For donations recognised by Room to Read UK Limited, of the total of £3,838,215, unrestricted income accounted for 36 percent of income, down from 69 percent in the previous year. This reduction reflects the change in donor type, with corporations and foundations typically offering restricted donations. in

----- Start of picture text -----
Income by allocation Income by donor type
Individuals
Schools and and Family
Unrestrict other Foundations
ed 0% 22%
36%
Corporations
Restricted and
64% Foundations
78%
----- End of picture text -----

In 2022 donations from Individuals & Family Foundations accounted for 22 percent of all donations (2021: 51 percent). In 2022 fundraising costs were £500k (2021: £273k) due to increased staffing, travel and event costs. Expenditure on Charitable Activities (i.e. UK funds raised which are then transferred to Global Head Office for allocation to Global projects) was £1,002k (2021: £934k).

The Trustees are satisfied with the financial performance and can confirm that the Charity has a secure financial base to continue its initiatives in 2023.

At the global level, in light of the economic uncertainty, Room to Read continues to take significant actions to ensure the financial sustainability of the overall organisation including encouraging earlier donations by committed donors that ordinarily give in the second half of the year, with a number of six-figure donations received during the first half of 2022 from core donors such as UK Regional Board members and other key supporters.

In 2021, Room to Read global received a $25 million gift from MacKenzie Scott and Dan Jewett – the largest donation to date. This generous gift continues to help Room to Read mitigate the risks posed by the cost-of-living crisis, thereby ensuring that education endures for millions of children.

Reserves Policy

The Trustees take a risk-based approach to reserves and recognise the need to have sufficient unrestricted funds held as a reserve in the event that the charity experiences a decline in income, increased costs, change in circumstances or needs to discharge salaries, costs and obligations in the event of winding-up. This reserve is in the region of three months’ UK office costs (c.£125k for each three-month period based on annual office costs of c.£500k).

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As at 31 December 2022 the charity had total funds of £2,495k (2021: £159k), comprising of £1,617k (2021: £109k) of restricted funds. The unrestricted reserves of £ 879k (2021: £50k) meet the required reserves to cover at least three months of UK office costs.

Based on a mutually agreed annual plan, Room to Read UK Limited transfers the majority of funds to Room to Read’s global office in the U.S. at the end of every calendar quarter unless there is a donor requirement to send the funds directly to our programme offices where we operate. The UK Trustees determine the amount of the transfer and retain the balance as a reserve in the UK account to ensure sufficient funding for salaries and other operating costs.

Funds transferred to Room to Read’s global office are apportioned to in-country projects as soon as is reasonably possible. This process typically results in most funds being apportioned to in-country projects within three months of receipt. Given the high demand for funding in-country projects, Room to Read maintains the balance as working cash, and as such do not invest balances in other investment products in the UK.

Plans for Future Periods

Room to Read UK Limited continues to monitor and assess its performance and to improve and innovate where it is advantageous to achieving our mission. The new strategic plan, Vision 2025, informed direction for 2020–2025 with the ambition of benefiting 40 million children by 2025. The following three strategic priorities will be essential to achieving our goals:

Room to Read UK Limited will continue to work in close partnership with its development offices and in-country programmatic offices to monitor and evaluate its success and ensure it is achieving maximum benefit for the children it serves.

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STATEMENT OF TRUSTEES' (DIRECTORS') RESPONSIBILITIES

The trustees (who are also directors of Room to Read UK Limited 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 charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, 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 charitable company 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.

In so far as the trustees are aware:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Approved by the Trustees and signed on their behalf by

Chair: Dean Chan Treasurer: Douglas Hill Date: Date: 08 / 15 / 2023 08 / 17 / 2023

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INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF ROOM TO READ UK LIMITED FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion on financial statements

We have audited the financial statements of Room to Read UK Limited for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes.

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

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 company’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.

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Other information

The other information comprises the information included in the trustees’ 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. 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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities in Relation to the Financial Statements set out on page 17, the Trustees 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.

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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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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:

The extent to which the audit was considered capable of detecting irregularities including fraud is set out below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

To address the risk of fraud through bias and override of controls, we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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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.

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. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ralph C Tiffin (Senior Statutory Auditor)

Crieff PH7 4BN

For and on behalf of McLachlan + Tiffin, Statutory Auditor Date

08 / 17 / 2023

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ROOM TO READ UK LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

Notes Unrestricted
Restricted
Total
Unrestricted
Funds
Funds
Funds
Funds
2022
2022
2022
2021
£
£
£
£
1,359,268
2,473,296
3,832,564
642,605
5,626
0
5,626
0
25
0
25
14
1,364,919
2,473,296
3,838,215
642,619
175,938
323,705
499,643
187,315
359,883
641,776
1,001,659
648,060		 Unrestricted
Restricted
Total
Unrestricted
Funds
Funds
Funds
Funds
2022
2022
2022
2021
£
£
£
£
1,359,268
2,473,296
3,832,564
642,605
5,626
0
5,626
0
25
0
25
14
1,364,919
2,473,296
3,838,215
642,619
175,938
323,705
499,643
187,315
359,883
641,776
1,001,659
648,060		 Unrestricted
Restricted
Total
Unrestricted
Funds
Funds
Funds
Funds
2022
2022
2022
2021
£
£
£
£
1,359,268
2,473,296
3,832,564
642,605
5,626
0
5,626
0
25
0
25
14
1,364,919
2,473,296
3,838,215
642,619
175,938
323,705
499,643
187,315
359,883
641,776
1,001,659
648,060		 Restricted
Funds
2021
£
286,461
0
0
286,461
85,497
286,057		 Restricted
Funds
2021
£
286,461
0
0
286,461
85,497
286,057		 Total
Funds
2021
£
Income and
Endowments from:
Donations and
Legacies
1
Royalty income
2
Income from
Investments
929,066
0
14
Total income 929,081
Expenditure on:
Raising funds
3
Charitable
activities
4
Total resources
expended
Net
Income/(Expenditure)
Total Funds Brought
Forward
Total Funds Carried
Forward		 272,812
934,117
535,821
965,481
1,501,302
835,375
829,099
1,507,815
2,336,913
(192,755)
49,587
109,045
158,632
242,342		 371,555
(85,094)
194,138		 1,206,929
(277,849)
436,480
878,685
1,616,860
2,495,546
49,587		 109,045 158,632

The notes on pages 25 to 32 form part of the financial statements.

The net movement in funds for the year arise from the charity’s continuing operations.

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ROOM TO READ UK LIMITED

BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021 2021 2021
Notes
£		 £ £ £
158,633
158,633
1
109,045
49,587
158,633
Current Assets
Debtors & prepayments 9
2,029,777		 31,492
Cash/bank balances 519,321 168,794
2,549,098 200,286
Creditors: amounts falling due
within oneyear 10
(53,552)		 (41,653)
Net Current Assets 2,495,546
Net Assets 2,495,546
The Funds of the Charity
Issued and fully paid share capital 11 1
Restricted funds 12 1,616,860
Unrestricted funds 878,685
Total Funds 13 2,495,546

Approved and authorised for issue by the Trustees and signed on their behalf by

_____ _______ Chair: Dean Chan Treasurer: Douglas Hill Date: Date: 08 / 15 / 2023 08 / 17 / 2023

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ROOM TO READ UK LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Cash flows from operating activities:
Net movement in total funds
Decrease/(increase) in debtors
(Decrease)/ increase in creditors
Cash provided by (used by) operating activities
Cash flows from investing activities

Cash flows from financing activities

Increase/(decrease) in cash and cash equivalents in
the year

Cash and cash equivalents at the beginning of the
reporting period

Cash and cash equivalents at the end of the reporting
period

Movement in the year		 2022
2021
£
£
2,336,888
(277,860)
(1,998,285)
145,201
11,899
19,578
350,502
(113,081)
25
14
0
0
350,527
(113,067)
168,794
281,861
519,321
168,794
350,527
(113,067)

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ROOM TO READ UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

A. Accounting Policies

The principal accounting policies, all of which have applied consistently throughout the year, are set out below.

a. Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS 102): 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 the Republic of Ireland (FRS 102) (effective 1 January 2019) and the Companies Act 2006.

Room to Read UK Limited meets the definition of a public benefit entity under FRS 102 and the Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements are presented in sterling and rounded to the nearest pound.

b. Preparation of the accounts on a going concern basis

Having reviewed the actions taken by Room to Read and Room to Read UK Limited in response to the coronavirus pandemic, (see below), the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

c. Company Status

The charity is a company limited by shares. In the event of the company being wound up, the liability in respect of the shares is limited to £1, being the value of the Company’s issued share capital.

d. Fund accounting

Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

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e. Income recognition

Voluntary income, including donations, gifts, legacies and grants that provide core funding or are of a general nature, are recognised where there is entitlement to the funds and it is certain that the income will be received and the amount can be measured with sufficient reliability.

Pledges (or "promises to give") can be written or oral, however only those pledges which are unconditional and with verifiable documentation (name, address, telephone number, amount of promise, purpose — whether Literacy Programme, Girls’ Education Programme or greatest need, due date and date promise was made) are recognised in these financial statements.

Gift In Kind (GIK) donation(s) is shown separately in the Donations and Legacies Note to the Accounts. Room to Read global accounting policy requires GIK to be recorded in the financial statements if a single donor's cumulative gift-in-kind contributions for any one financial year exceed the equivalent of USD 25k and the donation is for goods/services that the charity would have purchased on the open market.

In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised in the accounts however the Trustees' report provides information on their contribution.

Tax recovered from voluntary income received under Gift Aid is recognised when the related income is receivable and is allocated to the income category to which the income relates.

f. Expenditure Recognition

Expenditure is recognised when a liability is incurred and is classified under headings that aggregate all costs related to the category.

Fundraising costs are those costs incurred in attracting voluntary contributions.

Service Charge (SLA charge) is a charge paid to Room to Read’s head office for finance, human resource, IT, development and administration services provided to Room to Read UK Limited. Governance costs are those incurred in connection with the governance of the charity and are primarily associated with constitutional and statutory requirements.

Irrecoverable VAT is not separately analysed and is charged to the statement of financial activities when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates.

g. Pensions

Pension contributions made by the charity are charged to the Statement of Financial activities in the year in which they are incurred. Room to Read UK Limited matches employee contributions up to a ceiling of 6 percent gross equivalent and these employer contributions are charged to revenue in the period the associated salary relates.

h. Foreign currencies

Transactions in foreign currencies are recognised at the rate of exchange at the date of the transaction. Monetary assets and liabilities, not recorded in GBP, are translated into sterling at the exchange rate on the balance sheet date. All exchange differences are recognised through the

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statement of financial activities as other income/(loss). The charity does not own any nonmonetary assets abroad.

i. Critical accounting estimates and areas of judgement

There was no material judgement nor estimates required by the trustees or management in the preparation of the 2022 financial statements. The pledges recorded as income as required by the SORP are judged by the trustees to be fully receivable in the future at amounts stated in the letters of intent.

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NOTES TO THE FINANCIAL STATEMENTS

1 Donations and Legacies

During the year under review, donations were received from the following donor types:

Corporation/Foundation
Individuals and Family Foundation
Schools and Other
Gifts in Kind - Office space
2022 Total Funds		 Corporation/Foundation
Individuals and Family Foundation
Schools and Other
Gifts in Kind - Office space
2022 Total Funds		 Unrestricted
Funds
£
858,791
466,558
18,919
15,000
1,359,268
Unrestricted
Funds		 Unrestricted
Funds
£
858,791
466,558
18,919
15,000
1,359,268
Unrestricted
Funds		 Restricted
Funds
£
2,107,024
366,272
0
0
2,473,296
Restricted
Funds		 Restricted
Funds
£
2,107,024
366,272
0
0
2,473,296
Restricted
Funds		 Total
2022
£
2,965,815
832,831
18,919
15,000
3,832,564
Total
2021
£ £ £
Corporation/Foundation
Individuals and Family Foundation
Schools and Other
Gifts in Kind - Office space
2021 Total Funds		 151,684
393,785
82,136
15,000
642,605		 216,979
68,130
1,352
0
286,462		 368,663
461,915
83,488
15,000
929,066

Unrestricted income is used to support the general activities of Room to Read.

Room to Read UK Limited's restricted and unrestricted funds contributed 8.0% (2021: 2.0%) of total income of Room to Read in 2022. In Room to Read's 2022 accounts, global income is analysed by donor type and expenses by activity. A full analysis of global income and expenses can be found in Room to Read's 2022 accounts.

2
Other Income /( Expense)
Royalty Income
2021 Other Income		 Unrestricted
Funds
£
5,626
5,626
0		 Restricted
Funds
£
0
0
0		 2022
£
5,626
5,626
0		 2021
£
0
0

Royalty income received from Orion Publishing Group for an anthology edited by Jennie Orchard comprising of around 20 non-fiction essays inspired by Robert Macfarlane's essay 'The Gifts of Reading'.

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3
Fundraising costs		 3
Fundraising costs		 3
Fundraising costs		 Unrestricted
Funds
£
28,168
237
103,969
4,255
372
33,656
5,282
175,938
Unrestricted
Funds
£
14,461
716
138,671
7,022
457
15,690
10,299
187,315
Restricted
Funds
£
51,826
435
191,290
7,828
684
61,924
9,718
323,705
Restricted
Funds
£
6,600
327
63,294
3,205
209
7,162
4,701
85,497		 2022
Funds
£
28,168
237
103,969
4,255
372
33,656
5,282
Costs of events, conferences, travel and marketing
Office costs
Salary Costs
Donation Processing Fees and Bank charges
Other expenses
Service Level Charges
Gifts in Kind - Office space
2022 Fundraising Costs		 £
79,994
672
295,259
12,082
1,056
95,580
15,000
175,938 499,643
2021
£
Costs of events,conferences,travel and marketing 21,061
1,042
201,965
10,227
665
22,852
15,000
Office costs
SalaryCosts
Donation ProcessingFees and Bank charges
Other expenses
Service Level Charges
Gifts in Kind - Office space
2021 Fundraising Costs
272,812

Fundraising costs are allocated to restricted and unrestricted on a pro rata basis.

4 Charitable activities

Charitable activities
Transferred to Room to Read Global Office
Governance Costs (see note 5)
Transferred to Room to Read Global Office
Governance Costs (see note 5)		 Girls Education
Programme
£
206,895
1,493		 Literacy
Programme
£
787,587
5,684
793,271
Literacy
Programme		 2022
£
994,482
7,177
208,388
Girls Education
Programme		 1,001,659
2021
£
927,758
6,180
£
307,868
1,620
309,488		 £
619,890
4,560
624,449 933,937

Expenditure on charitable activities includes £648,060 in respect of unrestricted funds (2020: £1,647,898) and £268,057 in respect of restricted funds (2020: £140,073)

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5 Governance Costs

Legal and Licensing Fees
Consultancy
Accounting & Company Secretarial
External Audit (Independent)
Legal and Licensing Fees
Consultancy
Accounting & Company Secretarial
External Audit (Independent)		 Unrestricted
Funds
£
800
997
3,940
1,440
7,177
Unrestricted
Funds
£
800
0
4,120
1,440
6,360		 Restricted
Funds
£
0
0
0
0
0
Restricted
Funds
£
0
0
0
0
0		 2022
£
800
997
3,940
1,440
7,177
2021
£
800
0
4,120
1,440
6,360

6 Analysis of Staffing Costs

Wages & salaries
Social security costs
Employer's contributions to defined pension
schemes
Employee benefits
Other staff costs		 2022
£
£000s
250,954
27,707
12,711
2,827
1,060
295,259		 2021
£
£000s
172,541
15,799
9,421
1,875
2,330
201,965

In 2022, there were two employees whose total employee benefits (excluding employer pension costs) exceeded £60k. One fell within the £90k - £100k band and the other fell within the £100k - £110k.

2022 2021
Number Number
Average monthly headcount 3 3
Average monthly full time equivalent (FTE) staff 3.17 2.75

Average staff numbers did not change between 2021 and 2022, however staff costs increased by £93k. This was primarily due to 0.4 FTE increase from 2021 and 2 staff whose salary exceeded £60k (2021:1)

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The trustees and the Development Director UK are considered to be Key Management Personnel of Room to Read UK Limited. Two of the trustees, Shari Freedman and Heather Simpson, are employees of Room to Read US and hold senior management positions for the global organisation.

As described in Note 7, the trustees received no employee benefits from Room to Read UK Limited in 2022. The Development Director EMEA received £108k (gross salary and benefits) in 2022 for her services to Room to Read UK Limited as well as the Europe and Africa markets. In 2022, approximately 2/3rds of her time was spent supporting Room to Read UK Limited while 1/3rd of her time was spent supporting Europe and Africa, as well as UK donors who chose to donate outside of the UK.

7 Trustee Remuneration & Related Party Transactions

The trustees received no employee benefits from Room to Read UK Limited during the year (2021 - £nil). Travel and subsistence costs re-imbursed to trustees during the year amounted to £nil (2021 - £nil). No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2021 - £nil). Two of the trustees who held office during 2022, Shari Freeman and Heather Simpson, are employees of Room to Read US and hold senior management positions for the global organisation. The relationship between Room to Read and Room to Read UK Limited is explained in detail on page 3 of this report.

8 Taxation

As a charity, Room to Read UK Limited is exempt from tax on income. No tax charges have arisen in the charity.

9 Debtors

Prepayments
Donations
Donations due within 1 Year
Donations due after 1 Year		 2022
£
0
2,029,777
2,029,777
353,881
1,675,896
2,029,777		 2021
£
0
31,492
31,492
31,492
0
31,492

Donations receivable as at 31 December 2022 represents pledges made at the annual gala which were not received at year end. The majority of this balance are multi-year pledges, the discounted value of which has been included in the 2022 accounts.

10 Creditors - amount falling due within one year

2022
£
42,165
11,387
53,552		 2021
£
Creditors (Others)
Accruals		 33,989
7,664
41,653

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11 Share Capital
1 issued and fully paid ordinaryshare of £1		 2022
1		 2021
1
The share is held by Room to Read.

12 Restricted Funds

Literacy
Girls’ Education
Literacy
Girls’ Education		 At 1 January
2022
Income
Expenditure
At 31 December
2022
£
£
£
£
132,288
1,958,743
-764,619
1,326,411
-23,242
514,553
-200,862
290,449
109,046
2,473,296
-965,481
1,616,860
At 1 January
2021
Income
Expenditure
At 31 December
2021
£
£
£
£
157,053
83,372
-108,137
132,288
37,085
203,090
-263,417
-23,242
194,138
286,462
-371,554
109,046

13 Net Assets by Fund

Net Assets by Fund
Debtors & Prepayments
Cash/Bank Balances
Creditors
2022 Net Assets
Debtors & Prepayments
Cash/Bank Balances
Creditors
2021 Net Assets		 2022
Unrestricted
Restricted
Total
£
£
£
716,675
1,313,102
2,029,777
183,362
335,959
519,321
900,037
1,649,061
2,549,098
(18,908)
(34,644)
(53,552)
881,129
1,614,417
2,495,546
2021
Unrestricted
Restricted
Total
£
£
£
21,782
9,710
31,492
116,749
52,045
168,794
138,531
61,755
200,286
(28,810)
(12,843)
(41,653)
109,721
48,912
158,633

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THANK YOU

Together we will end the impossible and create a world in which all children can pursue a quality education that prepares them to be fulfilled and make positive change — in their families, communities and the world.

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FINAL DRAFT Room to Read Audit FINAL DRAFT Room to Read Audit.docx a1b32e277711f0105ff919b735a32ccac432cbeb MM / DD / YYYY Signed

08 / 14 / 2023 Sent for signature to Dean Chan
18:28:08 UTC+1 (dean.chan@savethechildren.org), Douglas Hill
(douglas_hill@hotmail.co.uk) and Ralph Tiffin
(ralph@tiffin.co.uk) from irene.deredas@ft.com
IP: 151.228.147.105
08 / 15 / 2023 Viewed by Dean Chan (dean.chan@savethechildren.org)
14:40:00 UTC+1 IP: 147.161.166.122
08 / 15 / 2023 Signed by Dean Chan (dean.chan@savethechildren.org)
14:41:34 UTC+1 IP: 147.161.166.122
08 / 17 / 2023 Viewed by Douglas Hill (douglas_hill@hotmail.co.uk)
17:36:47 UTC+1 IP: 86.166.194.213
08 / 17 / 2023 Signed by Douglas Hill (douglas_hill@hotmail.co.uk)
17:37:17 UTC+1 IP: 86.166.194.213

FINAL DRAFT Room to Read Audit FINAL DRAFT Room to Read Audit.docx a1b32e277711f0105ff919b735a32ccac432cbeb MM / DD / YYYY Signed

08 / 17 / 2023 Viewed by Ralph Tiffin (ralph@tiffin.co.uk)
20:24:42 UTC+1 IP: 84.66.158.225
08 / 17 / 2023 Signed by Ralph Tiffin (ralph@tiffin.co.uk)
20:25:52 UTC+1 IP: 84.66.158.225
08 / 17 / 2023 The document has been completed.
20:25:52 UTC+1