Cornpany wislration number.. 06895421 Charity regtration number.. 1130309 and SC041036 Read for Good IA company lirnrted by guarantee) Annual Report and Financial Ststements for the Year Ended 31 August 2023
Read tor Good Contents Reference and Administrative Details Tru5te85' Report 2to 11 Statement of Trustees, ResponsSbilitles 12 lThJepen¢Jent Audltor9' Reptsrt 13to16 statement of Financial A¢livile$ 17 Balance Sheet 18 Statement of Cash Flow8 19 Not8s to Ihe Financpl Statements 201029
Read for Good Reference and Administrative Details Chalrman Mr Kevin Underwood Ghlef Executlve Offir Ms $tine Danie15 Trustees Ms Anng Everall Ms He18n West Ms Rachel Bolton Ms Paula Regan Mr Kewn Underwood Ms Amanda Shlelds PrincipBI Office 26 N8ilsworth Mills Avening Road Nailsworth Gl(¥Jcestershire GL6 OBS The ¢harity is incorporated in United Kingdom. Company Registratlon Number 06895421 Charlty Regl$tratlon Number 1130309 and SC041036 Bank•rs Co-operative 8ank 1 Balloon Street Man¢h8St8r M604EP Audllor Hazlewoods LLP Staverton Court Stsverton Chellenham GL51 OUX Pago 1
Read for Good Trustees. Report The Trustees, who are directors for the purposes of company law. psent the annual report togelherwilh the rinaCIal statements and audiiors. report of the charitable company for the year ended 31 August 2023. Trust••s M5 Amn8 Everall Mr Stephen Morgan Iresigned 20 October 2023) Mr Micha81 WaLkgr (resigned 6 November 20221 Ms Helen Wesl Ms Rachel Bdton Ms Paula Regan Mr Kev(n Underwood lappjinted 7 Octob8r 20221 MS Amanda Shields lapptsinled 14 July 20231 In shaping ouroblecuves for the year and planning our act5ve$, the Trustèes have conskjered the Chèrfty Commission's guidance public benefit. Why r•adlng matters Read for Good's mlsslon is lo enable. empower and nK)livate chiklren and young people to discover the loy of reading. Reading for pleasu can level.up a child s life Chan$. regardless of sociooconornic background- it can literally thange a child's lile. Children who choose to read foT fun are more likely lo achieve academic success, get better jobs and lead happier lives. Reading is 3 simple, effecuve and Iow-COSt actfvlty, a¢sSIble by most chlldren and young people. Byl to In$iil a lif8-changing love of reading. children need access to good-quality, new books,. they need a vibrant and dwerse choice of reading materials., and they n88d to b8 in5pir8d to read, to read rnor8 often, and to read more wid81y. This is wheié Read for Good cornes in. For nearly 40 years, Read for Good has helped teachers ond school librarians to inspire a love ol readlng with Readalhon@)- high-quality, W811-consider8d r8sources. and the all-import8nl motivation of helping children in hospital. Our unique work in hospitals- provKliro seriously ill children with the magic of books and stories- dernonslrates the Incdible impact reading for pleasure Can have on a child's wellbeing and happiness. Despite a golden age of children'5 publishing, children's reading enjoyment 15 in worrying decline and ourwork remains vital. W8're responding wth more ways to help more children foster a lrfe-changing love of reading, COV8red in rnore detail laleT In Ihis report. Read for Good wants lo extend our reach and acce58ibility, ensuring ¢hiklren can acc&$s and bfft from thg life<hanging power of reading l)ooks and stories. Page 2
Read for Good Trustees. Report How Read for Good rnakes a differen¢e In 2022123, Read for Good d8vebped a new five-year strategy, launched in autumn 2023. The strategy drgw on our decades of experience working in Schools and hospitals, a comprehensive review of the current provision, and evaluation of the new approaches and programrnes d8V81oped during the pandemic. It will govern our plans 8nd growth in the coming years. We have set an ambitious bul aliStiC target. to reach on8 million chiwren and young people annual through our programmes by 2028. As part of our strategy work. Read for Good ha5 e5tabli5hed the key prrnciples that underpin our approach.. Reading for plea5uro can thange a child's future.. All ¥eaiJing should be valued.. Children must See them5elve5 in book5- Reading for pleasure should be undirected and unasS8S8ed.. Rew8rd5 e8n ignite a love of ading. Listeniry to stories is as beneficial as reading. We have developed a Th99ry of Changt Iwww.readforgood.orgltheory-of-changel provIdlng a framework for monitoring and evaluat) which 11 enable us to deliver effectSve programmes that bring about change. Read for Good'$ delivery In schools We offei a wide range of pragmatic, tried-and-tested tools, actNities and resources lo support schools to encourage ehlldren to read for pleasu. We aim to avoid reading for p18a5ure becotning a 'school subject, or a 'homework chore.. Schoo15 cari Ireely access Readathon@. Tra¢k My Re8cJ@. and Brilliant Box of Books along with a rich and vibrant rang8 of online resouices. All our programmes a ¢ated wth both the child and the professional who supports them in mind. Readathon.. Our sponSod read has been encouraging pupils to read for n68rly40 years. The prfndples on which it started are Still true today.. reading lor pleasure means that children are able to choose what they read. without judg8rn8nt or a55Èssment. Reading to ralse money lo help get book8 and storyt911er visrts to childr8n in hospital provides essential motivation and r8ward for taking part. Tra¢k My Read: frack My Read is a free. ea5y-tO-use online tool for schoo18 familie5 to engage and motivate childr9n to read for fun. It's designed to encourage dally reading and inviies users to share how their ading made them feel. Importantty. Track My Read values all readin9- ensuring a Chi,$ choi¢e$ and opinions are heard, valued and respected. As well as encouraging pcsitNe reading habits, it prompts constructive ¢xJnver5ations about books and stories. 'Track My Read was a HUGE succ8S8- we achieved nearjy 3 limes our original target of 15,000 minute51' Ms Ford, Codsall Community School, Staffordshsre Brllllant Box of Books: In ret years, strained budgets mean th81 %hools are simply not able to invest In od-quality reading for pleasur8 books. 1 in 7 schools does Th)t have a library, and whorg libraries do 8X15I, book5 are often out of date. inaccessible or poorly displayed. Responding to the di shortage of good-quallty. reading for pleasur8 book8 8vai18bl6 to chiklren. Read for Good provides an oryoing service to schools and community settings in need, offering a box of brand new, curated books to help boost their reading for pleasure stocks. The books are cafullY selected lo offer an appealing range of titles designed to bring joy to teachers and pupils. Up-to-date books ensure Chiren see themselves in stori8s and build their understanding of wodds beyond th8ir own. To support these programrnes, we also provide 8asy-to-use, high-quality sOUr$. designed to engag8 pupils and make life easier for teachers and librarians. Importantly, we ensu a15 our resources and tools are free to acc85s. Our Botsks Wa Love website page psents hundreds of easy-tO-acce5s book reviews. lo inspire readiny choices. which sit alongside our Author Events Showcase packed full of inspiring author and Illustrator films. In oddltion, we provide storytelling in scFpJols. t8ach*r training foT PGCE students and storytelling training for professionals working with Children. Page 3
Read for Good Trustees. Reporl 202J2023 Dellvery. Readathoro $oUr$ sent to over half a million school ehildr8n. wlh over 350,000 childr8n and young people participating in Readathorfi., Provided £78,352 worth ol free book vouchers to schools partiupating in ReadalhoThfi)', • Gave over £11.600 of N8tion81 Book Tokens lo schod8 to engag8 pupils sn book choice and ownership,. Over 21 rnillion rninutes were read and recorded on our unique app. Track My Read. wSlh over 13,000 pupils recording more than 225,000 adIng sessions. • These reading sessions provided indivadval teachers and school librarians wlh instwclive inslght as to the rèading haViourS and choices of their pupils.. PvIlled 276 school and comrnunity settings wilh 25.401 brand-n8w books worth £158,934, in parbcular reaching di88dv8ntaged children who may not have a¢sS lo b(x)ks at home.. Led regionally-locusecl campalgns In Lelcester an¢J Gloucestershlre wth Children In those regions aehlevfng their target number of reading minute5', • Engaged over 100,000 pupi15 frorn 650 5choDls through our online and in-p8rson author events. including the popular, and award-winning, Sir Micha81 Morpurgo- Visited thr88 universiiies, reathing over 400 trainee teachers, to help enlighten the next generatkJn of teachers in th8 irnportsn of reading for pleasure. "We've done Readathon@ 5inc8 19951 We love that SO rnany pupils keep reading and engaging with books afterwards- kkls who never set foot in the library have been converted to book lovers. The lanlaslic resources r9ally get Students exclled aThJ motwated. Our GCSE results fleet that. the kids that read are the kids that succeed.. - Teachèr, Notre Dame High School, Sheffidd Page 4
Read for Good Trustees. Report In hospltals Each year, over a milllon children arg adrniited to hospital in thg UK, rn8ny long-t8rm conditions and complex care needs. Children of lower socioéconomi¢ ststus have poorer health outcomes and higher hospital 8drnis5ion rates. As well as enduring illn855 or injury, studies show that ehildren in ho$tal also suffer Ihe consequences of educational deprivation. For children in hospital, the power of a book or story goes a long way. prowding entertainment, cornfort and solace during 50rn8 of tha rnost challengiw tlmes In a child's Ilfe. as well as h6lplng to mitigate rnis3ed gducation. Read for Good provides the UK'S 30 rnajor children's hospitals with a regular supply of brand-new books and magical storyteller visits. Our service provides wtal distraction and entertainment for children and their familie5, already disadvantaged by illness or injury. F88dback from parents, children. staff and stoiytellers evidences our mpact in mitigating missed Schooling. incr8a5ing book ownership. reducing i501ation and anxlely and making chikJn and thelr families happier, and even improving the recovery of children in hospital. 202212023 Dellvery: 26,732 brand-new books worth £181.240 delivered to children in 30 of the UK'S major ChIren'$ hospitals across the UK., Maintained Read for Good's bespoke mobile bookca5e5, ensuring a high-quality, inclusive, varred book selectSon for children and young people. to suit 811 age$ and abilibes., • Delivered 221 profession81 storytelling days, all in person, matking a significant change from the last hvo yeaTS when Msits were virtual- Provided personal support and stewardship for our $toryteller¥ and hospital st8ff from thè Read for Good team- vital when in-person me8tings were so difficult to achieve., Delivered storytelling training to 1CM) varied professionals and individua15 who wante(J to improve their interactions with children- including a Physiotherapist, Consultant Anaesth8tist. Consultant Radiologist, Registered Nurs8, Paediatric Dietician and Psychologist to name a few. This service is vital to a child's hospit81 experience. giving them on escape from thls scary, unknown envlronment into a world of fantasy.. - Healthcare prolessional Page S
Read for Good Trustees. Report lft e¢)mrnuniti8$ Followng our regional work in recent years 5UPPOrting our lttal county and testing the effectiveness of more regionally largeled activity. Read lor Good deliVed a range ol programmes in Glou¢estershire and Lsicestgr. As well as challenging children and young people to ad lor one million rninule5, we deliVed thousands of books and provid8d tree 8v8nts with an inspiring range of authors and illustrators including Andy Seed, Emma Carroll. MG L80nard, Matt Goodfellow, Sarah Mclntyre 8nd Comics Laureal8 Steph8n Holland. 202212023 08livery'. Reach8d 23,000 pupil$ in L91ce8t8r with 8 variety of drff8r9nt r8ading for pleasur8 initiativas iftduding free • Brand-n8w books sent to neady a third of all sthoo15 in Leester {4,166 in totall-, • Leicester schools were challenged to read for haw a rnillTr minutes- and ended up doubling this target th 1,092,000 rninutes read in total during the challenge", 32 Gloucestershir8 schools each received a Brillianl Box of Books- providing more than 3.800 bran(knew l)ooks in total., 20 tsrg8tgd Stroud District schoo15. based on a high proporti of pupils eligib18 for Frae School Meals and low access to books. each re¢eNed a bundle of diverse books from independent puNisher Lantana, who specialise in Inclusive liues., Aulhor and storyteller in-person and virbjal evenis held at schools across the county, supportèd by donations of signed copies ol the aumors, books.. Worked in partnèrship wilh key reading and education swalists in Gloutsestershi to irKrease signposting and collaboration. Supporting overlooked chlldren and young people: Building on work started in 2021-2022, we sought ways in which we could help schools and medical 5etting5 that fall outside of the mainslream lo access our tools and resources. adapting Ihern lo meet the specific need5 of the children they serve. Often the children anrj young people in their care are some of the most ovedooked and disadvantaged m8mber5 of soci8ty- unable lo acces5 rnain5trearn Services and education. Working In partnershlp wilh three very different sellings. we ran tailored programmes Io SUPPDrt the children in each setting.. Hospital Educats'on Service- providlng education to children unable lo attend school through illness, but not in hospital,. - Special School for children and young people with $8ver8 leaming n88ds'. Pupll Referral Unlt- a settlng whlch caters forchildren and young people excluded from mainstrearn education. Rèport pruced and published on our b$ita, to èvaluatg and capiure18amings from èach of these Indlvldual pieces of work., Free resour(xs o)mpiled and fre8-to-acc8S5 programmatic support offered on r web51te, to inspire similar seitings to replicate the project independenuy. 'Given our pupils, dovelopment histories and education experien il's been extremety posltive to reframe attiiude5 to reading- th&r8's been a tangible and lasting impact." -T8ach8r. Colswokl Chine Special School We plan to continue to test different approaches for different settings in Gloucestershi, enabling us lo Share the leAmTngs with schools and settsrrfJs across the UK. Paga 6
Read for Good Trustees. Report Spotllghting the state of school libraries: Drawing on our Brilliant Box of Books programrne, we wanted to 8xplore w8yS to better support school libraries. 750.000 chlldren in the UK do not have access to a school library (libraries ar8 statutory in prisons, bul aot i schools). whe school libraries do exist, they often have out-dated books which reinforce damaging ssereotypos and can b8 unlov8d spaces offering little appeal or acces5 to children. Continuing our intensive fows in GIOUStershlre we undertook a pilot programm8 to rejuvenate neglected libr spacss in primary schools In the county. 15 primary 8¢hool librdrigs trdnsform8d into W81cornrng. well-5tock8d and invltlng spaces.. • More than 4,500 books dellvered reachlng more than 3.(X)O puplls In the first year alon8', • Following ovr work, schools unanimously agreed that children w8r8 enjoying reading ny)re and readiro more often as a resutt. A comp811ing report produced and shad widely amongst the sector and wth funders- the full report can be found on our websit8. This ha5 already led to other organisation5 taking a lead on improving school libraries in their Communities.. 100Vo of schools said th8ir pupils w8r8 enjoyg rea¢Jing morg. and raading rn0 often as a result of ourwoFk in their library., 85Dh of schools sald that the new books had encouraged reluctant readers to read mor8. 'A reluctant reader in rny class now wants to Spend all their lunchtimes and pYtme$ In the library lost in a trck.. "On8 of our iefugees found a book about a refugee- his face when reading it was magical.. Measuring Succèss Evaluation assessment are at the heart of everything w8 do. enabling us lo b8 confident that we are deliv8ring th8 right programmes wlth the MaM¢jM Impact. We seek feedback (both formal and inforrnal}frorn au our stakehold&rs to help us assess. evaluate and amend our programmes. From engaging with fvndgrs and stakeholders our new strategic direction. to the evaluatson of our piogrammes, we are kgen tolearn and adapt. • Schoo15 ara èncouraged to Share their experience$ of Readathon@ and our author event5- both in terms of content and organisation and tha differènee they have made to their pupils, reading habits.. We VIeW participation data for all our programm8s and can analyse the demography ol schools taking part and those not taking part-, • Families in hospit81 ore asked to eompkte feedback foms, available via paper copies 8nd QR code$- We maintain personal ongolng contact with many farniligs who 8r8 willing to Sha thdr storfes, explaSn thelr experienc85 and giv8 US In5ight5 into what Read for GoLxJ's work has meant to thern., Storytellers feed ba¢k to us aft8revery session, sharing quote5. trase studies, stories and their reflection3', H05Pital staff are contacted gUrIY for infom81 feedback, and annually with a survey to help us understand how our service can complement activity on a busy ward.. We monltor social media, wherg families. schools, hospita15 and communrty settings regulady 8¢h outwth their thoughts and comments. Page 7
Read for Good Trustees. Report with thanks to our 8UPPOrter¥ All this is pos&bl8 thanks lo the ongcAng support of the cornmunitles where we work. W8 are incredibly grataful to the schools running Readalhon@, and the Inen¢Js and families who support participatsng pupils, as well as individuals, organisations and the many trust5 and foundations who give generously to make our worf( possible. We work in partnership with Scholastic Book Clubs and National Book Tokens, who are g8neTOUS in their 5UPPOrt of our worL In 202212023 we gave over 50.000 brand-new books to schools and hospitals- books that offer children a vibrant world of excitement and discovery. Free book vouchers lo the faee value of £78.352 were given to schools in tha UK tts 5P8nd on books. Th8 Cost of these vouchers was shared equally th Seholastic Book Cljbs. And in Collaboratlon wth National Book Tokens, we gave Book Tokens worth £11,600 to schools. increaslng book ownership arnong childr8n and young people. We 8r8 incredibly grateful to our long-lerm partner5 lor hèlping us to increa3e the irnpacl of our work. We are also grateful to the many publishe15. authors illustrator5 who give theirtime, gifts in klnd, support events, donate books and support us financially to help us reach even more children. In 2022123 we received 85 grants under £5.000 from a wide range of grant-making trusts and foundations across the UK. These smalltsrgifts so crucial to tsur work and are often iestricled lo particular geographical areas. Just three or four smaller grants can fund the programrne in one hospital for an enti year, reaching a Minimum of 1,000 children. and we a extremely grateful to every one of these funders. Several trusts also fund us year on year, and we value these long-stsndlng relationships enormously. This ongoing support enables us to plan ahead with 9ater certainty, lo make Sure our impact is maintained. Whilst we can't acknowledge all 85 funders in this report please know that il you are one of them, OT have asked to remain anonymous, we couldn't run the hospital or Brilliant Box of Books programmes without you and we are hugely appretsative of your kind 5UPPOrt. Thank you. We wwld like to extend a special thank you to the follovAng trusts, foundations, corporate partners and individuals who hav8 given grants or donation5 of £5,000 or Tnore this y8ar, sorne of which have beon carrled forward to ba spani in the followsng year. Allan & Gill Gray Philanthrtspy Evason Trust Barcapel Foundation Geoff & Fiona squi Foundation BBC Children In Need Hden Roll Charity Bud98 Foundation Jennifer Hayward & Richard Waite Calleva Foundation Julia and Hans Rausing Canbrlck Charitsble Tru3t Lawson Seltlement Trust Charfes Lewis Foundatlon Light Fund Charfes S French Charitable Trust Roy Proctor Foundation Childwick Trust Stsfford Trust Christina Mary H8ndri8 Trust Taylor Famity Foundation Claire w0hoUse W O Street Charitable Foundabon Edith Murphy Ftsundatitsn Pagè 8
Read for Good Trustees, Report Financial review Pollcy on r•s•Thes The Trusi8es review the level of re5erv85 at least annualty. Read for Good's current policy Is to hold free reserves of ts$een 6-8 Months, worth of operating costs. Total funds at 31 August 2023 Include £64,93612022.' £193,673) $trfcted by donors for specffi¢ projects and £46,74612022. £55,512) d85ignaled in relation to tangible fixed a5S8ts held by the Charity. This leaves free reserv8s of approximat8ly £850.000, which r8presenls 8.2 months, of operating costs in 2023-2024. Some of th858 reservtrs arè eam)8rked for the coming years to Invest In personnel and acuvlties to dellverthe new five-year strategy set out on page 3 of thi5 report. Our irslenlion 15 to grow the team and improve fundraising potential to help deliver our ambib"ou$ plans to double our annu r8ach to 1 rnillion childrn 8nd young by 2028. Prfn¢ip81 funding sources The prfncopal fundlng source Is voluntary Income frorn a combination of donal'ons from rnembers of the public. primarily through Readathon@, and grants from trusts and foundations. Going concern After making appropriate enquiries, the Trustees hav8 a r&ason8blè &xpèctation Ihat the chartty has adequate resources lo continue in operational existence for the for8seeable future. For this reason. they continue to adopt the going Concern basis In pparing the financial statements. Further d8tai15 regarding th8 adoption of the going Concern basis can be found In the accountiNJ polKies. Structure gov8rnance and rnanag8m8nt ature of governing docurnenl Read for Go¢)d is registered as a Charitable Company limited by guarantee and was set up by a Memorandum and Articl8s of Association on 5 May 2009, as amended by a spedal resolution on 11 Jun8 2009. The charity registered with the Charity Comrnission on 24 June 2009 and wth the Office of the Scottish Charity Regulator IOSCRI on 17 November 2009. Th8 name oftha Charity was thang6d from Readathon@) to Read for Good by a resolution on 11 Noverntrr 2010. R8cmitmentand appointmentof Trustees The management of the Charity is the responsibility of the Trustees who are elected and copted under the terms of the Trust deed. Inductlon andlraining of frust8e$ The Board ol Trustees constantly reviews the nurnber of TTUSt8e5 and recruit5 when required. Any new Trustees will have their spOnSibl11tieS explained by the existing Trustees and othgr prof8ssional advi50r5 as spproprvate. Oryanlsatlonal structur8 As previously stated, the buslness of the Charily is Conduct by the Board of Trustees which has legal responsibillty for the organlsatlon. Declslons are made collectively by the Board of Trust88s which rneets al lèast four time5 P8r annum. The day to day management of the Charity is delegated lo the Chief Executive Officerand through her. the mernbers of the staff team. The team works to dèlivar Read lor Good's agreed strategic plan and targets, which are aligned lo its core aims atKI obje¢tNes ensuring Ils current activities have maximum leVanCe 8nd impact. Page 9
Read for Good Trustees, Report Paypollcy ftirsenlorstaff The pay of the senior staff is r8viewed annually, along with that of all empbyees, and normally increased in dcwrdance with inflation and annual eamings. Pay benchmaiking is carried out as part of th8 recruitrnent of new posts through intern8t seaTching fot sSmilar post5 and dF5CU5sion with sector sCIaliSt8. Fundral$lng approach Fundraising is essential for Read lor Good's charitable delivery. Donors can be assured that Read for Good Cornplles wth all the gUlatOry standards forfundrai*ng. We are registered wrth the Fundraising Regulator and are Committed io the Fundraising Promis8 and adherence to the Code of Fundraising Practice. There were no compliance issues during the course of the year. We monitor and review ourfurKlraising practices. maintain training for staff, and work hard to comply with current guidance and besL practic8. The majority of Our fundraisirng is carrièd out by inthous6 fundraisars amployèd by Read for Good," on occaslon. we work with. and cbsgly monitor, professional fundr8isers gov8med by a conlracl in lin8 with th8 Codè of Fundraising Praelice. We do not conduct telephone or (knor-to-door fundraising. Where appropriate we have Commercial Parbcipalor Agraèmènts in place. Wg ensure that ourfundr8i5ing approach is appropriate for our aLKlignces. We welcome feedback and input from ourdonors, of any size, and operate a first-class stewardship programme lor all dtsnors to thank them and engage thern further in our work. All our fundraising communicabon5 are planned carefully, and are p88r-checked to ensure that r8CIP18nls are not overwhelmed by volurne or pressure of r8quesl$. We remaSn incredibly grateful to the Schools and pupils running R8adathon@, and to th81T families and friends, tha trusts and foundations, orgarnisalions and individuals who support our work financially. Our websi18 Outlines our Complaints Policy for the public and cleady explains how an individual can complain. We acknowledge all complaints within Iwo working day5 ad respond in full within four weeks. Complaints are dealt with In-line with our Complaints Policy. The most sertous cofflpl8ints are 85cala18d to th? CEO or Chair of th8 Board ol Trustoas. We received zero ¢omplaints lating lo fundraising in the financial year12022.' zerol. Read for GocrfJ endeavours tts assist its supporters to make an infomied decision about the support they d)oose to giv8 U5. We do not accept donations where we have reason lo believe that the donoi may be experiencing vulnerable rojmstances and accepting the donation Wld be elhicallywrong an(Vor harmful tts the donor. Our Safeguarding Policy is available on our website and reviewed annually. Safeguarding is discussed al each Board meeting. Read lor GoodE), Readathon@ and Track My Read@ are regISted trademarks of Read for Good. Volunteers W8 ar8 enormously grateful lo the team of gUlar volunteers who support our work. In addition to the service provided by our Twslees. dudng 22123 our volunteers donated 763 hours of lime across the year. an increase of over 40.kn on the year before with many of our volunteers returning to help us in the offlce posl-pandomic. As well as our Trust88s, we have around len additional volunteers, vAth rnore than haw of them gwing their time regularly at our offic8 in Nailsworth. Thank you lo all of our volunlaers for their valuable support. Page 10
Read for Good Trustees. Report Major rt5ks and management of those rfsks FAn8nci81 IFsk The Trustees are satisfied that there are adequate control systems in place to provide reasonabl8 assurance against misstatement or loss. These include a strategK business plan review by the Trustees regularly, rnonlhly reviews of perfortnance against targets. monlhty budget reconciliations. delegation of authority to $pend within d8fined lirnits and s8gregation ol duties where appropriat8. Other 8Xtetnal risks lo which the Charity may be exposed are id8ntffied an¢J discussed at regular Truste8 m8eting5 and any appropriate actions irnplerrtnted. Plans for luture perlods We are excited to embark on our new strategic plan to reach one rniifion children and young people every year by 2028. Reading for pleasure can change a child's future and so our mission is to enable. empoweT and motivato children and young peop18 to discover the joy of a lile-chan9ing lov8 of reading. Our experience tells us that we can make the biggest impacl by ensuring Childn have 8CC8SS to a vibrant choic8 of exciting new book5 and giving them the inspiration to rèad, to lead more frequenuy and to read more widely. Our work sets out to empower education healthcare professionals to better support children and young people io read, and to ensure they fe81 pride in their own r8ading journ8y. Through this, we believe that children wll have brtghte¥ futures through a life-long love of reading. leadin9 to improved 8C8demie 8nd SOeA81 ou1wrn8s and better mental hèalth and W&ll1n9. Disclosure of information to auditor Each Trust98 h8$ lak8n steps that they ought to have taken as a Trustee in order lo make themselves aware of any relevant audit inforrnalion and to establish that the charills auditor is aware of that infom)ation. The TNslees confimi that there is no relgvant inforrnabon that they know of and of which they know thè auditor Is unawam. R•appdntm•nt of audltor The au¢Jitors, Hazlewoods LLP, have Indicated ¢heirwillingness to contiNe In office. The dg8ignot8d Trust88s 11 propose a motion reappoinlw)g the auditors at a meeting of the Trustees. Thè ann I report was approved by the Trustees of the charity on 1811212023 . and signed on its bahaif by.. nderwood Chairman an¢J Trustee Pag811
Read for Good ststement of Trustees, Responsibilities Tho Trustees (who are a180 the director3 of Read for GcKJd for the purposes of rnpany lawl are fesponsible for preparing the, report and the financial slalernents in accordance with the United Kingdom Accountin9 Standards (United Kingdom Generally Aepted Accounting Practi) antj applicable law and regulatsons. Company law r8quir8s ihe Trust88s io pr8par8 financial sta18m8Thls for each financial year. Under company law the TrLJStees must not approve the financial stat8m8nl$ unless they are satisfied that they give a true and fair view ol tae slate of aflairs ol the ¢haritsble company and ol its incoming resources and appli¢ation of resourr*s, Including its income and expenditure, for that period. In prepaiing thos0 financial statements. the Trustees are required to.. select suitsble accounting polldes and apply thern conststently.. observ8 th8 rnethods and PrinpIeS in the Charify'8s SORP.. rnakejudgernenls and estimates that are reasonable and prudent; state whether appllcable UK Accounting Standards have bèèn follow8d. 5ubleet to any materfal departures disc1058d and explained in th8 financial statemen.. and pPa the fjnancial slaternents on the goiryj concern basis unless it is inappropriate to pr8surne that the charitablo company will continua in business. The Trustees are responsible for keeping adequate accounting COrdS that a suffi¢ient to show and explain the charllable companls Iransactlons and dlsclose with reasonable accuracy at any Ilme the financial position of the charitable company and enable them to ensure that the finantsal statements comply with the Companies Act 2006. Thay are also responsible for safeguarding th8 assets of the charitable company and honc• lor taking reasonable steps for the pventIOn and detection of fraud and other Irregularities. 1W1212023 Approved by the Trustees of the charity on .................... and signed on its behalf by.. Mr Kevin Underwood Chaiwman and Trus188 Page 12
Read for Good Independent Audltorfs Report to the Members of Read for Good Opinion W8 have audited the financial ststem8nts of Read for Good Ith8'charity'l for the year end8d 31 August 2023, which comprise the Statement ol Financial Activities. Balance Sheet, statement ol Cash Flows. and Not8S to the FSnancial Statements, including a summary of swniflcant acwunting policie5. The financial reporting frarnework that has been applied in their preparation is United Kingdom Accounting St8ndar(Is, Gomprlsing Charfties SORP- FRS 102'The Finanaal Reporting St8ndard applicab18 in th8 UK and RepL¢blic ol Iland. aF5d applicable Faw IUnit8d King¢Jom Generally Accepted Accounting Practice). In our opinion the finanaal staternents.. giv8 a tiue and fair vW of the state of the charitys aflairs as at 31 August 2023 and of its incorning resOurS and applic8tion of resources, including ils income and gxpenditure, for the year then ended. have been properly prepareil in accordance wlth Unlled Klngdom Generally Acc8Pted AccoUnng Pract1.. and have been prepared In accordance wllh the requirements of th8 Companies Act 2008. the Charities and Truslee Investment Iscotlandl Act 2005 and regulation 8 of the Charities Accounts Iscotlandl Regulations 2006. Ba$ls for opinion We conducted our audlt In accordance with Intsrnational Stan¢JaTds on Audltlng IUKI IISA5 IUKII and applicable law. Our responsibilities underthose standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of oui repDrt. We arè independent of Ihe charity in accordance with the ethical requirements that are relevant to our 8udit of the financia5 statements in th8 UK, including the FRC'S Elhical Stsndard, and we have fulfilled our other eihical responsibilities In acwrdan¢e with the58 requirements. We believe that the audit evidence we have obtained 1$ sufficiènt And appropriate to provide a basis for our oplnK)n. Concluslons relatlng to 9olng conc?rn In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis ol accounting in the preparaOn ol the flnancial statsments is appropriate. Based on the work we hav8 performed, we have not identified any mat8rial ul?rtaInl1es lating to 8V8nts or conditions that, individua15y or collectively, may cast significant doubt on th8 charilys ability io ConnUe as a going concem for a peTN)d ol al least Melve molllhs frL¥n when the original financial statements were aulhorised for Issue. Qur règponslblllues and the reswnsibil*ties of thè Trustees wilh respect to going concem are de$ibed in the rek8vant sections of this report. Other Informatlon Th8 Tru5tee5 are responsible for the other inforrnats'on. The other Infomiation comprises the 1nf0mia0n in¢ded in the annual report, other than the finan¢ial statements and our auLlito¢s report thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicluy stated our report, we do not express any forrn of assurance conclusion thereon. In connection with our audit of the financial ststements, our responsibility is to read the other infortnation and, in doing so, consider wh8therthe other infomiation is materially illcon515tent with the financi815tatements orour knowledge obtained in the audit or otherwlse appears to be m8teri8lly misstaterj. If we identify such rnaterial inconsistencles or apparent rnaterial misstaternents, we a reqLJired to determine whether there is a materral misstaternent in the financial ststernents or a material misstalemenl of the other information. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other informatlon. we are Tequir8d to report that fact. We have nothlng to report in Ihis regard. Pa98 13
Read for Good Independent Auditor's Report to the Members of Read for Good Opinion on other matters prescribed by the Companies Act 2006 In our opinlon, based on tha work undèrtakan in thè course of th• audtt.. the information given in the Trustees, Report for the financial year for which the financial statements are pr$par8d is Consistent wlh the financial statements., and the Trustees, Report has been prepared in accordance %wth applicabte gaI requ1MentS. Matters on which we are required to report by exception In the light of our knowledge and understanding of the company and its environrnènt obtained In th& courso of th& audit, we have not identified material misstatements in the Trustees. Report. We have nothing lo report in respect of Ihe following matters whwe the Companles Act 2006 and the Charities Accounts {Scotnd) Regutations 2006 r8quires us to report to you rf. in our opinion.. ad8quate aOUntIng records have mt been kept. or relums adequate for otsr audit have not begn rec8iV8d from branches not visited by us,. or the finanaal statements ar8 not in agreement with the accounting records and return5-, or ertaln dlsclosures of Trustees. MUnratIon speclfled by law are not made., or we have not received all the information and 8xplanations w8 require for our audit. Re$ponslbllltle$ of Trustees As explained MO fully in the Statement ol Trustees, ResponsibllltSes Isel out on page 121. the Trustees are responsible for the prepar8tk)n of the financial statements and for being satisfied that they give a true and fair V18w, and for such internal control as the Trustees determlne is necessary to enable the preparation of financial Statements that a flee from material misstatetnent, whether due to fraud or error. In pparing the financial statgrngntS, the Trusie95 arg respon8ib19 for a&sessing th8 charitys ability tts continuè a5 8 going cOnrn, disclosing. as applicable, matters tated lo going concern and using the going wncern basis of accounting unless the Trustees eilher intend to liquidate the charity or lo cease operallons, or have no reallsbc alternative but to do so. Auditor's responslbllltles for the audlt of the flnanclal statements Our obiective5 ar& lo obtain reasonable assurance about whether the financial ststernenls as 8 whole 8r8 free frorn material rnisstaiemenl, whether due to fraud or error. and to issue an auditor's report that sncludes our opinion. ReasonaNe assurance is a high level tsf assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always d8t8cI a material rTtisslaternent when it exists. Misstaletnents can aris& frorn fraud or error and are ¢onsidered material il. individually or in the aggregate, th8y could reasonably be expected to Influen the economic decisions ol users taken on the basis ol these finanryal statements. Pagè 14
Read for Good Independent Audltor's Report to the Members of Read for Good Extentlo whlch the audlt was capable ofdetectlng ltrregularities. including fraud Irregularities. including fraud, are instances of non-complianc8 with laws and regulations. We design procedu$ in line with our responsibilities, outlined above, to detect rnaterial misstatements in SpeCt of irregularities, including fraud. The extent to which our proc9dur9s are capabl8 of d8t8cting irr8gulariliès, including fraud Is detailed below.. We conSered the natu of the cornpany's industry and its control environment and reviewed the company's documentation of their polici&s and procedures relating to fraud and compliance with k2ws and regulalions. W8 also 8nquir8d ol management about their owll identiffcation and assessment of the risks of irregularilies. We obtained an understanding of rhe legal and regulatory framework that the company operates In and Sdantmad the key law5 and r8gulakn'on5 that had a direct eHect on the deterrnination ol material amounts and di$¢lo$ures in the finanoal stat8ment5. including the UK Compani8s Act and tax lègislation, and, those that do not have a direct effe¢t on the financial st8ternents bul compliance with which rnay be fundamental to the company's abiltyto op&rale or to avold a material penalty. We discussed among the audit engagement team regarding the opportunllles and incentives that may ex¢st within the organisation for fraud and how and where fraud might occur in the financial statements. In common wlth all audlts under ISAS IUKI. we are atso required lo perforrn sp8¢ific procedures to respond to t risk of rnanagement overrKle. In addresssng the risk of fraud through rnanagetnent override of controls, we tested Ihe appropriateness oljournal entries and other adjustments., assessed whether the judgement5 made in accounts'ng estimates are indicative of a potent¢al bias., and evaluated the business rationale of any signfficant transactions that are unusual or outside the nomlal course of bUnesS. tn a¢Ydition to Ihe above. our procedures to resporKI to the risks id8ntified In¢ded the followng.. reeIng ftnancial statement dlsclosures by tesling to supporting documentation to assess compliawe wlh provisions of rolevant laws and regLtlations described as having a direct eff8Ct on th8 fjnancial stat8m8nts,. perfoming analytical 0dureS lo identify any unusual or unexpected latIOnShipS that may Indicate sk$ of material misstatements due to fraud., enquiring ol management conceming actual and potentwl litigation and claims and instance5 of non-compliance with laws and regulations,. and Jing minutes of meetings of thos8 charyed wth govemance. Our audit produ$ were deslgned to respond to nsks of mat8ri81 mis$t8ternent in the financial statèmenlg. ¢ognising thal the risk of nol detecting a material misstalemenl due to fraud is higher than the risk of not delecting one resulting from error. as fraud may invtslve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from Ihe evenl$ and transactions reflected in the financial 5tatemerEts. the less likely we are to become aware of it. A further description ol our responsibilities is available on th8 Financial Reporting Council's website at.. https..Ilwww.frc.org.ukJauditorsresponsibilities. This descripbon forms part of our au¢Jitor'5 report. Pag8 15
Read for Good Independent Auditor's Report to the Members of Read for Good Use of our report This report is rnade solely lo the charitable company's Trustees, as a body, in accordance wth Chapter 3 of Part 16 of the Companles Act 2006. and to the charitable cornpanls Trustees, as a body. in acwrd8n¢e with Regulab"on 10 of th8 Charities Accounts Iscouandl Re9ulations 2006. Our audit work has been undertaken so Ihatwe rnight 5t8te to the ch8rity'5 Trust885 thos8 rnatteT5 w8 ale r8quired to state to them In an auditoffs report and for no other purpose. To the fullest exlenl permitted by law. we do not accept or assume responsibility lo anyone other than the chadlable company and its Trystees as a body, for our audilwork, for this r8POrt. or for tho opinions we have forrned. Seott Lawrence (Senior Statutory Auditor) For and on behaifol Hazlewoods LLP. StstutoryAuditor Staverton Court staverton Cheltenham GL51 OUX Dale.. 2011212023 Pag8 18
Read for Good Statement of Financlal Activities for the Year Ended 31 August 2023 {Including Income and Expenditure Account and Statement of Total Recognlsed Gains and Losses) Unrestrlcted funds R85trlcted funds Total 2023 Note Incomg and Endowm•nts from: Donatior15 and legacles Investment in¢om• 698,546 6,012 398,960 1,097,506 6.D12 Tolal income 704.558 398,960 1.103,518 Expendlture on: Raising funds Charltable actNities 150,5131 531,845 (50,5131 1,059,542 527,897 Total expenditure 582,358 527.697 1,110,055 Net incomelleKpendibJrel 122.200 1128,7371 16,5371 O¢her recognis8d gains and loss•s other g8insllosses 14 14 Net movement In luncls 122,186 1128,7371 16.5511 Reconclllatoon of funds Total funds brought fOard 777,981 193.873 971,654 Total funds earnled fotward 900,167 64,936 965,103 Unr¢strlctsd funds Re$trlct¢d funds Total 2022 In¢ome and Endowments Irom: Donations and legacie5 Investment income 592.308 2.960 505,491 1,097,799 2,960 Total incorne 595.268 505,491 1.1fJD,759 Expendoture on: Raising funds Charitable aclivitles 177.280) 514.557 171.2801 826,375 311.818 Total expenditure 591.837 311,818 903,655 Net income 3.431 193,673 197,104 Other recognised gain5 and lossès Other g8inslloss88 Nel mov8ment in funds 3,424 193,673 197.097 Re¢onclliation of funds Total lunds brought forwatd 774.557 774.557 Tot81 funds carrfed fOard 777.981 193,673 971,654 All of tha eharftws actlvltles derlve from continulng OEeratlon¥ during th8 above hvo perfods. The funds breakdown ft)r2022 t5 shown in not8 18. The note5 on pages 20 to 29 fom an integral part of th939 financial sthtements. Page 17
Read for Good
(Registration number: 06895421) Balance Sheet as at 31 August 2023
| (Registration number: 06895421) Balance Sheet as at 31 August 2023 |
|
|---|---|
| Note 2023 £ Fixed assets Tangible assets 12 46,746 Investments 13 - 46,746 Current assets Debtors 14 82,007 Cash at bank and in hand 15 998,879 1,080,886 Creditors: Amounts falling due within one year 16 (162,529) Net current assets 918,357 Net assets 965,103 Funds of the charity: Restricted income funds Restricted funds 18 64,936 Unrestricted income funds Unrestricted funds 18 900,167 Total funds 965,103 |
2022 £ 55,512 384 |
| 55,896 | |
| 60,036 1,014,599 |
|
| 1,074,635 (158,877) |
|
| 915,758 | |
| 971,654 | |
| 193,673 777,981 |
|
| 971,654 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements on pages 17 to 29 were approved by the Trustees, and authorised for issue on .................... and signed on their behalf by:18/12/2023
......................................... Mr Kevin Underwood Chairman and Trustee ......................................... Mr Kevin Underwood Chairman and Trustee
The notes on pages 20 to 29 form an integral part of these financial statements. Page 18
Read for Good Statement of Cash Flows for the Year Ended 31 August 2023 2023 2022 Cash flow5 frorn operatlng actlvltles Net cash (expendituvIn¢Ome 16,5511 197,097 Adjustmènts to cash flows from non4ash Itèms D8preciation Investment incorne Revaluation ol investments 11,754 16.0121 14 11,382 12,9601 17951 205,526 Working capital adjustm8nt5 Incre8$9 in d8btors Increase In creditors 14 16 121.9711 3.652 117,8931 2.792 Net cash flows from operating a¢tivities 19.114 190.425 Cash flows from investing activities Interest r8c6ivablè and similar incomè Purchase of tangible fixed assets Sale of investments 6,012 12,9881 370 2,960 12 Net cash flows frorn invesling aetiwties 3.394 2.960 Net Idècrèasolllncrease in cash and cash equlvalents 115,7201 193,385 Cash and cash equivalents at 1 September 1,014,599 821,214 Cash and cash equivalents at 31 Augusl 998.879 1,014 599 All of the cash flows are derived from continuing operations during the above Iwo periodg. The Charity has no èxternal debt. The notes on page5 20 to 29 form an integral part ol these financial statements. Page 19
Read for Good Notes to the Financial Statements for the Year Ended 31 August 2023 1 Charlty status The charity is limiied by guarantee, incorporated in United Kingdom. and consequently does not have shar capitsl. Ea¢h of the Trustees is liable to contribute an amount not eXdIng £10 towards the assets of the charity In the event of liquidation. Th8 principal place of business is.. 26 Nailsworth Mills Avening Road Nailsworth Gloucestershire GL6 OBS 2 A¢¢ountlng policies Summary of signlfficant accountlng policles and key accounting estimates The principal accounting polioes applled in the preparation of these financial statements are sel oyl below. These policies have been o)nsistently applied lo all the years presented. unless othemise stated. Statement of compliance The f5nancial Statements have been prepared in accordance wth Accounting and Rewrting by Charities.. statement of Recommended Practice applicable to charities preparing their ac¢ounis in accordance with th8 Financial Reporting Standard applicab in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable In the UK and Republic ol Ireland IFRS 1021. They also comply with the Companies Act 2006 and Charibes Act 2011. Basls of pmparatlon Read for Good meets the definition of a public benefit entity under FRS 102. Asset5 and liabili118s are initially reco9nised at historical cost or transaction value unless otheThwse stated in the retevant auountsng policy note$. Golng concorn The f(nantsal statements hav8 b8en prepared on a going concem basis. The Truste8s assess whether the use of going concem is appropriate i.e. whether there are any mal8rial uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continu8 as a going concern. The Trustees mak8 this ass88Srn8nt in respèct of a pèrio(l tsf one year from the dale of approval of the financial slalernents. Judgements Estirnates and judgements are continually evaluated and a based on historical experience and otherfactors, including expectations of future events that are believed to be reasonable un¢Jer the circumstances. Income and endowmènts l income is recogni5ed once the charity has entitlement to the incotne, it is probable that the income wil be raceived and th8 arnounl of the income rec8ivab18 can b8 m8a5ured reli3bly. Pag& 2
Read for Good Notes to the Financial Statements for the Year Ended 31 August 2023 Donations and lega¢les Donations are re¢ognised when the charity has been notffied in vrriting of both lh8 arn1nt and setuement dale. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity 15 entitled to the funds, the income Is deferred and not recognised until either those conditions are fully met. or the fulfilment of those conditions 15 wholty within the control of the charity and rt is probable Ihal Ihese conditions will be fulfilbd in the T9pting p9ri0d. Donalsd goods and sèNlces are Included at fair value and the Income Is recognised within income frorn donations and legacies. Expenditure All expenditure is recognised once there is a legal or con5tructiV8 obligation to that expenditure, it TS probable settlement is qUIred and the arnounl can be measured reliably. All costs are allocated to the applicable exper)dilure heading that a99gate similar costs to that category. Where costs cannot be directly attribut to particular headings they have been alloGated on a basis consistent with the use ol resources, with cRnlral $laff costs allocat8d on th8 basis of time spent, and depreciation charges allocated on the pothon of Ihe asset's use. Other support costs are allocated based on the spad of staff costs. Ral$lng funds These are costs incUrd in attracting voKJntary income. the management of inve5tment5 and those incurr8d in trading 8ctiMties that raise funds. Charltal)le acllvl¢les Charitable expenditure cornprises those costs Incurred by the charity in the dejivgry of its activities and s8rvices for ils beneficiarres. It include5 both costs that can be allocated d1ctlY to such activities and those costs of an indirect nature necessary to support thern. Taxatlc*n The charity is considered to pas$ the t85ts s8t out in Paragraph 1 Schedule 6 of the Finance Act 2010 and Iherefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is pot&ntially 6xempt Irom taxation in respect of income or Capital gains r8C8ived within categories covered by Chapter 3 Part 11 of the corporatio Tax Act 2010 or Section 256 01 the Taxation of Chargeable Gains Act 1992. lo the extent ihat such incom8 or gains ara api$d èxclusively to charitable purposes. Tanglbl¢ flx¢d a$sots In¢Jividual fixed assets costing £1.000 or more are initially recordèd at cost, less any subsequent accumulated depreciation and subsequent accumulated irnpairnnt losses. Dèpr•elatlon and amortlsatlon DepciatIon is provided on tangible fixed assets so as to writ8 off th8 Cost orvaluation, less any e5tirnated rèsidual value, over thelr expeeted useful economlc life as follows.. Asset class Short term leasehold properly irnprovements Offic8 8qUiPtnent Computer equipment Depr8ciatlon method and rate 10 y8ar5 Straight line 3 years straighl lin8 3 years straSght line Page 21
Read for Good Notes to the Financial Statements for the Year Ended 31 August 2023 Fixed asset investment8 Fixed asset inveslmenls, other than programme related investments, are included at rnarkel value al the balance sheet date. Realised gains and losses on Investsnents are calculated as the dlfference betsveen sales proceeds and their market value al the start of the year, or their subsequent cost, and are charged or credited to the Slat6mènt of Financial AC'vitieS in the p8riod of disposal. Unrealised gains and losses represent the movemen¢ in rnarkel values during the year and are cr&Yited or charged lo the Statement of Financial Actimties based on the market value at the year end. Trade debtors Trade debtor5 are amounts due from customer5 for merchandise sokl or seTvice5 perftsmed in the tsrdinary eour5e of busin8SS. Trade debtors ara iecognised initially al thè transaction pricè. They aro SubsU•n1IY measured at amortised ¢st Ung the effectiv8 interest method, lèss provision for Impaifment. A provlsion for the impalrment of trade debtors IS 85tablished when there is objective evidence that the charity will not b8 able to collect all arnounts du8 arLording lo the original terms ol the re¢eivable$. Cash and cash equlvalents Cash and cash equivalent5 comprise Gash on hand and call deposits, and other short-term highly liquid investmtrnts that are readily convertible to a known amount of cash and are subject to an irisignificant risk of change in value. Trade ¢redltors Trade ¢reditors are obligations to pay for uoods c services that have been acquired in the ordinary course of business from suppli9rs, kcounts payable are classified as tur1 liabilities if the charity does not have an unconditional right, at the end of the reporbng period. lo defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to dgfer settlement for al loasl Iwelve rnonths after tha reporting date. they a presented as non-current liabilities. Trad8 creditors sre recognised initially 8t th8 Iransactiori pric8 8nd $ub5èqU8ntty rn8asurad 8t amortised cost u%ng the effective inierest method. Fund structure Unrestricted income funds are general funds that are avallable for use al the Truslees's dIsCtIOn in ftjrtherance of the objectlves of the charity. Designaied funds are unreslricled funds Set aside for sp9cifi¢ purp¢)ses at the diKretion of th8 Trust8e5. Restricted income lund5 ar8 thos6 donated for use in a partiCur aa or for specffjc purposes, the use of which 1$ restrictèd to that area or purp089. 3 Income from donatlons and199acles Unr¢strlct¢d funds General Restricted funds Total 2023 Total 2022 Donatlons from cornpanies, Iwsts and similar proceeds 698,546 398,960 1,097.506 1,097.799 Of the income e1Ved from donations and legades e398,96012022'. £505,491) was reslricled. Page 22
Read for Good Notes to the Financial Statements for the Year Ended 31 August 2023 4 Investment In¢ome Unrestricted funds General Total 2023 Total 2022 Other inve51ment irKome 6,012 2,960 5 Expendlture on ralslng fundo Total 2023 Total 2022 Olrect ¢ost$ Costs of g8n8rating donations and 18gaci•s 50,513 50,513 77.280 6 Expenditure on charitable activiti05 Unre$¢rlcted funils Designated Gen8r81 Restricted funds Total 2023 Total 2022 Note Staff costs Dsprocialion and amortisation Other costs 173.854 184.185 358,039 279.635 11.754 113,532 11.754 689.749 11,382 535,358 232,705 343,512 125.286 406.559 527,697 1,059,542 826.375 Activity undgrtak¢n dlre¢tly 2023 2022 Staff costs DepretIOn and amortisation Hospital Reading Programme excluding stsff ¢08tS and overheads Schools R9ading Progrdrnm8 8xcluding staff costs and overheads Consultancy Tr8vg1 costs Storage Bank charges Office costs Dir8Ct costs Auditors remuneration Other governance costs 358,039 11.754 358,039 11.754 279.635 11.382 265,788 265,788 183,149 327,972 856 1.554 2,040 743 44.500 34.773 10,068 1.455 327,972 856 1,554 2.040 743 44.500 34.773 10,068 1,455 247,598 393 597 261 51,302 41.120 7,700 1,294 1,059,542 1,059.542 826,375 Pag& 23
Read for Good Notes to the Financial Statements for the Year Ended 31 August 2023 7 Net incomingloutgolng resources Nèt loutgoingyincorning resou9$ for the year include.. 2023 2022 Oepreciation offixed assets 11,754 11,382 8 Trustees remuneratlon and ¢xpen$•$ During th8 year the charity mad8 the folk)wiThJ transactions with Trustees.. During the year ended 31 August 2023. expenses totalling £74612022.. £3071 ware reimbursed or paid dlrectty to 1 Trustee and the CEO12022.. 1 Trusiee and the CEOI. The expenses 1Mbr$ed were mileage claims for attendance at Board meetings and other general charity expenses. No Tru5t88, nor any persons connected with them. havg received any rernuneralion from th8 charily during thè 9 Staff costs The a99gate payroll costs were as follows-. 2023 2022 Staff ¢o$ts durtng the year were: Wages and salaries Social sècu¥ity cos15 P8nsion costs 357,559 36,085 7.656 307.808 31,090 7,078 401,300 345,976 The monthly average number of persons (including senior management teaml emayed by the charity during the yearwas as fo]lows'. 2023 2022 No empknyetr received effloluments of Tnore than £60,000 during the year. Thè key tnanagemenl personnel of the Charity comprises the Chi8f Executive Officer, Chief Operaling Officer and Head of DevelopmenL The total employee benefits. including employers national insurance contrthulion5. of th& key management personnel ol the charity were £150,13812022'. £81.3121. As part of the charills growth with the aim ol incr8a5ing our reach and impad. over the year the charity expanded its senior management team and this is fleCted in the total salaries for Key Management this yoar. Page 24
Read for Good Notes to the Financial Statements for the Year Ended 31 August 2023 10 Audltors. remuneratSon 2023 2022 Otherfees to audltors Audtrt-related assurance s•e•S Taxation compliance seNces 10,068 7,300 400 10,068 7,700 11 T&xatlon The charity is a registered charily and is therefore exempt f¥orn taxation. 12 Tangible fixed assets Land and buildings Furniture and equipmènt COMper èqulpment Totsl Cost At 1 September 2022 Additions Disposals 156.799 1.609 4,059 1,379 8,183 169,041 2.988 8,183 8,183 At 31 August 2023 158,408 5.438 163,846 Dèpre¢latlon At 1 September 2022 Charge for thè yèar Eliminated on disposals 101.287 11,754 4,059 8,183 113.529 11,754 8,183 8,183 At 31 August 2023 113,041 4,059 117,100 Net book valu• At 31 August 2023 45,367 1.379 46,746 At 31 August 2022 55,512 SS.512 Included within the net book value of land and bulldlngs above Ss £Nil12022= £Nill in respe¢t of freehokl18nd and buildings and £45.36712022.. £55.5121 in respect of18a5eholds. 13 Fixed asset Inve$tment$ 2023 2022 other Investments Page 25
Read for Good Notes to the Financial Statements for the Year Ended 31 August 2023 Other Investments Listed Inwstments Total Co$t or Valuation At 1 Septernb8r 2022 Revaluation Disposals 1141 370 {141 3YO At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 384 384 14 Debtors 2023 2022 Prepaym6nls Olher debtors 27,564 54,443 24,745 35.291 82,007 60,036 15 Cash and cash wuivalènts 2023 2022 Cash at bank 998,879 1,014,599 16 Credltors= amounts fallln9 due wlthln one year 2023 2022 Trade CTeditors Other taxation and $o¢ial security Other credllors Ac(xu815 8nd dgferred ino)rne 85,790 11.096 2.394 63,249 80.426 7,475 500 70.476 162,529 158,877 2023 2022 Dèfarr¢d incomè al start of the yèar Resources deferred in the year Amounts released Irotn the prevlous year 8.500 945 8.500 92,440 8.500 92,440 Deferred income al end of the year 945 8.500 Deferred Income at 31 August 2023 relates to amounts reiVed before the year-end, in relation to thè hospital prograrnm8. for sessions that ar8 du8 to be h81¢J after the year-end. Page 26
Read for Good Notes to the Financial Statements for the Year Ended 31 August 2023 17 Obligations under leaswa and hlre purchase contracts Opèratlng ase commltments Total future minlmum lease payments under nondcAnc811able op8rating lea58s ar8 as follows.. 2023 2022 other Within one year 8etsveen one and five years Afterfive years 19,898 69,151 14,852 57,088 7.136 89.049 78,876 The arnount ol non-¢allcell8ble operoting18asè paymènts rocognised as an expgnse durin9 thg ygar was £16,81512022." £15,794). 18 Statement of Funds Balance at 1 Septemb•r 2022 Other recosnis•d gainslllossesl Balance at 31 August 2023 In¢omln9 resources Resources expended Transfers Unrestrl¢ted funds General General funds 587,819 704,558 {457,0721 18,130 1141 853,421 D•slgnated Fixed assets Projects 55,512 134,650 111.754} 113,532 2.988 21.118 46.746 190.162 125,286 18,130 46.748 Total unrestricted funds 777,981 704,558 582,358 14 900,167 Restrlded funds H05Pital and schools prograrnmes - specified BBC Radlo 4 8PP8al 128,654 398,960 1462.6781 65,019 65,019 Total re$trl¢ted lunds 193.673 398.960 527,697 64,936 Totsl funds 971.654 1,103.518 1,110,055 74 965,103 Page 27
Read for Good Notes to the Financial Statements for the Year Ended 31 August 2023 Balance at 1 September 2021 other recogn15ed Tran$f•rs galnslllossesl Balan¢e at 31 August 2022 Incomlng r•sources Resources expended Unr¢$tri¢ted funds General General fund5 607,663 595,268 1529,2121 185,8931 171 587,819 Designated Fixed assets Projects 66,894 100.000 111.3821 51,243 55,512 134,650 85.893 166,894 62,625 85,893 190,162 Totsl unre5trict8d funds 774,557 595,268 591,837 77Y.981 Rostricted Hospital and s¢ho(4s programrnes speafied BBC Radio 4 appeal 440,472 1371,8181 128.654 65,019 65,019 Total r*stricted fund5 S05,491 311.818 193,673 Totslfvnd$ 774 557 1,100.759 903 855 971,654 D•slgnat•d lunds Thg amount designat8d lor fixed a5S8ts 15 8quivalant to the net book valu8 of fix8d assats on the Balance Sheet. The Trustees are d1Cting a proportion of the surplus fndS to support Read for Good 5 Strategic objecb'ves to reach 1 million children and young people annL¢ally by 2028. by investing in the ¢hariWs growth through personnel and planned activikn'es to improve fundraising potential and lo increa58 overall reach, delivery and impacL R851rict8d funds Hospital progrdrnm8 is an initiats've started in 2010 whieh pmvides books aTKI storytellers to children In hospltal. The 88C Radio 4 appeal was a specific fundraisSng appeal carrfed out durfng 202112022 in order to raise money to provid8 books and storytellers to thiidr8n in h05Pitals. Grants received The Charity has receivéd specfflc donatkns towards the costs of runnlng programmes In hospitals. Sorne of the donors are detailed in the Trustees. Report. Pago 28
Read for Good Notes to the Financial Statements for the Year Ended 31 August 2023 19 Analysls of net assets betwgen funds Unre$trl¢ted funds General Totsl funds at 31 August 2023 Restrlcted funds Tangible fLYed assets Current assets Current Ikgbililies 46.746 1.015,950 162.529 46,746 7,080.886 162.529 64.936 Total net assets 900.167 64,936 965.103 Unrestrlcted funds General Total funds at 31 August 2022 Restrl¢ted funds Tangiblg fiKed assets Fixed asset investments Current assets 55,512 384 880,962 158,877 55,512 384 1.074.635 158,877 193,673 Total nel assets 777,981 193,673 971,654 20 Deflned contrlbutlon ponslon $¢homo The charity operate5 a defined contribution pension scheme. The pensSon cost charge for the year repiesents contributions payable by the charity to the 5cherne and arnounted to £7,65612022.. £7.0781. Contributlons totallng £2,39412022.- £Nill were payable to the scheme al the end of the year and are included i creditors. 21 R•lat•d party transactlons Tharè waw no rdatad party transactions in the year. Pago 29