Docusign Envelope ID: A965AOC2-3B614C6&8379-95B2E200FEA7 TEPA&¥ PipATES Literacy, Confidence & Perseverance. The Literacy Pirates Limited Annual Reports and Financial Statements Reporting Period: I Sept 2023 to 31 Aug 2024 Charity registration number- 1145115 Company registration number= 07790039
Docusign Envelope ID: A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 Reference and Administrative Details Status The Literac¥ Pirates Limited is a charitable company limited by guarantee, incorporated on 28 September 2011 and registered as a charity on 16 December 2011. Governing Document The company was established under a memorandum of association, amended by special resolution on 8 December 2017, which established the objects and powers of the charitable company and is governed under its articles of association. Company registration number 07790039 Charity registration number 1145115 Registered Office 138 Kingsland High Street. London. E8 2NS Principal Office 138 Kingsland High Street. London. E8 2NS Board of Trustees Philip Aldis Alon Avner Ire5igned l November 20231 Nicholas Canning (Chair) Melanie Exon Katherine Fennell {resigned 13 March 20241 Chady Jouny (appointed 27 November 20241 Emma King (resigned 13 March 20241 Daniel Levy (appointed 27 November 20241 Fiona McAuslan Aisha Miller-Dyer Lea Mladineo (appointed 27 November 2024} Paul Mundy-castle (resigned 3 September 20241 Funmbi Ogundiwin (appointed 27 November 20241 Amanda Salloum lappointed 27 November 20241 James Westhead {resigned 13 March 20241 Helene Williamson lappointed 27 November 20241 Chief Executive Jude Williams Telephone 0203 327 1777 Website www.literac irates.or Email admin litera irates.or Bankers Unity Trust Bank PIC PO Box 7193 Planetary Road Willenhall INVI 9DG Aldermore Bank PLC l Floor, Block B. Western House Lynch Wood Peterborough PE2 6FZ
Docusign Envelope ID: A965AOC2-3B614C6&8379-95B2E200F&47 Flagstone Group Ltd l Floor. Clareville House 26-27 Oxendon Street London. SWIY 4EL Auditors Chariot House Limited Chartered Accountants and Statutory Auditor 44 Grand Parade Brighton BN2 9QA Senior Statutory Auditor Shona Wardrop CA
Docusign Envelope ID: A965AOC2-3B614C6&8379-95B2E21X>FEA7 We are pleased to share with you our 2023-24 report of the trustees where we share what has happened over the year at The Literacy Pirates. We reflect on what the children attending our programme. we call them Young Pirates. have achieved since Sept 2023 through our in-person, in Hackney and Haringey. and online programme. the Virtual Ship. We share are impact and achievements as well as introduce our next strategy. www.litera irates.or act-re ort The Literacy Pirates Board of Trustees tTrustees] present their report and the external auditors report for the period I Sept 2023 to 31 Aug 2024. The reference and administrative information forms part of this report, and the financial statements comply with current statutory requirements. the Memorandum and Articles of Association and the Statement of Recommended Practice- Charities SORP (20191. About us The Literacy Pirates makes a transformative impact on the literacy. confidence and perseverance of children so that they can achieve both at school and in the world beyond. The Literacy Pirates works exclusively with children who are nominated by their schools because they are underachieving at School and have fewer opportunities in their personal lives. Schoo15 are best placed to identify children who are both falling behind in class and have fewer opportunities in their personal circumstances. Literacy is key to good school and life outcomes. So. at the Literacy Pirates children take part in reading and writing practice provided at our high quality, after school learning programme. We work with children aged 9 to 13 years old. around the transitional years between primary and secondary school. We focus on those children who have major barriers to educational success because of their parent's/families' socio-economic background at a time in their school career when traditional children slide backwards in their literacy attainment. The programme is devised and led by teachers. supported by adult volunteers giving children extra personalised attention. It takes place in our specially created pirate-themed fantastical learning environments, in-person and online, that are joyful and relentlessly positive. We believe that young people learn best when working towards tangible, published projects- so each term our Young Pirates create high quality published books, films and apps. Why we are needed On average children who come to The Literacy Pirates are 12 to 36 months behind in their reading age. This means it is difficult to keep up with their richer peers in class. This can lead to disengagement from school and even exclusion. This is especially concerning because reading for pleasure is a primary factor associated with school success, even over socio-economic background IOECD, 20021. Schools and families are looking for solutions to improve their children's literacy, quickly and sustainably. We provide this. Our learning programme focuses on boosting literacy skills. as well as developing the children's love of reading and cognitive Skills. all to help them achieve at School. Our programme is devised and led by teachers The programme is based on 'Reading for Pleasure. and 'redrafting writing, and 'speaking aloud. pedagogies. as well as the principles that a low risk, positive environment gives children the ability to reinvent themselves as successful learners.
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E21X>FEA7 The Young Pirates read at each session. working through a set text that challenges them and having plenty time to choose and talk about books. The pace of reading is set by the children with their adult volunteer. In the second half of the session they undertake writing activities, which over a six-week period, create an extended redrafted piece of writing. We publish these pieces of writing $0 they can feel proud of their hard work. The content of the programme is drawn from the Young Pirates own experiences and passions. The skills in reading and writing that are taught in school, are prarticed at the Literacy Pirates. 121 and small group adult support Young Pirates are supported during sessions by our Crewmates. adult volunteers. This gives them real-time feedback and motivation as volunteers act like cheerleaders. The volunteers are recruited and trained to confidently sUPPOrt literacy practice and to be a positivity boost for the Young Pirates. Their motivating presence is one of our impact drivers. We had a growing community of trained adults who join sessions on a regular basis and provide one to one or small group support. We believe it is important that ouryoung Pirates work with people from a diverse range of backgrounds. We recruit volunteers f rom the local community and reach others further afield through our partnerships with universities and corporates. Motivating Published Projects We publish our Young Pirates. work as high-quality products. in order to give them tangible outcomes and a sense of accomplishment. We celebrate effort and help foster confidence and pride in their work. At the end of each term we bring together family and friends at joyous events that showcase the children's work. During 2023-24 we proudly published the Young Pirate's work in books, newspapers, a screening at The Rio Cinema and poster campaigns. You see some of these products at www.literac irates.or oun irates-work Achievements and Impact Ship Building: 2021-24 Having started our three- ear strate inse t 2021 we have achieved much. In fact we increased our numbers of Young Pirates from 270 to 467. a 72% increase. In this past year progress against our strategic goals has been good. Strategic goal l - Increase the impact of the programmes. The impact has been steady and improvements to the programme ensured we exceeded our targets on three of the four measures. 83Yo of Young Pirates made progress in their literacy on the term-long Virtual Ship and 100% of Young Pirates of the year-long in-person programme. We have published our Theory of Change and made good use of our new measurements tools and look forward to assessing our impact against larger datasets in the coming year. Strategic goal 2 - Increase the number of school partnerships. School partnerships have grown from 31 to 40 in Hackney. Haringey, Barking & Dagenham, Ilford and Lambeth. There is now a waiting list of schools for the next two terms. Our school's partnership work has been strengthened by a new app that allows families to register speedily once their child is referred by their school. and improved impact emails helping school leaders demonstrate the value of the programme. Strategic goal 3 - Increase the number of volunteers recruited. With investment in the volunteer management team. we have grown the number of volunteers from 240 to 380. Our community of volunteers are recruited through universities, corporate partnerships, local outreach
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 and social media. Haringey has been particularly difficult to recruit volunteers for the in-person programme. which was a contributing factor in deciding to move those operations online. We have found new routes to a diverse pool of volunteers through recruitment sites like Indeed and increased our social media content to attract young professionals. Strategic goal 4 - Increasing the funds raised. The team has been successful with income generation, with fundraised income at c105e to £1,000,000 this year. Given the growing competitive fundraising environment we are pleased with the results and made use of reserves that had built up since 2020. We continue to invest in our corporate partnership5 and major donor programmes going forward to ensure we continue to diversify our income streams. Strategic goal 5 - Build the organisational capacity. The board led a strategic review which led to a new strategy for 2024 that focuses on growing the reach of the Virtual Ship. To best achieve this we moved our Haringey schools onto the Virtual Ship and closed the physical premises in Tottenham. This allows us to concentrate more fully on the Virtual Ship and reduce costs going forward. Our offices and an in-person programme remain in Dalston, Hackney. Ensuring we recruit and retain excellent staff is critical to our success. We have increased the specialisms with the team. adding digital expertise. Having shifted in the last two years to working with an agile approach we have been able to embrace challenges and address them at pace. Through consultation we have worked on our culture. ensuring we are a good place to work and invested in a senior leader to progress this work in the coming year. Impact Reporting 92% of the children we worked with were in receipt of Pupil Premium Funding, care experience, or specific teacher-identified socio-economic barriers. This means we are working with the right children and the following results demonstrate the impact we consistently make. We are committed to a rigorous and thoughtful approach to monitoring and evaluating the impact our learning programme makes. Using best practice and with the support of Trust Impact, we changed our measurement tools, adding more validated data questions to give us larger datasets to draw comparison from. We use a mixture of qualitative and quantitative approaches to fully understand the impact. In 2023-24 we used the following tools= STAR Norm Referenced Standardised Score Quantitative surveys with children. parents and teachers investigating progress in each of our core skill areas. Briefings with staff and volunteers, before and after Sessions to understand what is working well and what needs adjustment. Focus groups with children and parents. Outcome l Reading- Children have improved reading skills and enjoy reading Young Pirates read with an adult at their weekly sessions. We promote Reading for Pleasure, allowing children to have a choice in what they read and creating a social environment of 'book talk,. Volunteers motivate the children to keep reading and check for comprehension. 83% on the Virtual Ship term-long programme. and 100% in person year long Young Pirates made progress in their literacy. The Literacy Pirates has helped me with my reading and making myself not too shy to read out loud... l am more confident and I put my hand up more. Maya. Young Pirate. aged 11
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E21X>FEA7 Outcome 2 Writing- Children have improved writing skills and write more. Young Pirates create a piece of writing across each half-term. Over the six-week period they embark on a cycle of imagining, drafting and redrafting their written work. This process embeds learning and creates a piece of work that took effort. We publish the children's work in tangible projects in order to provide motivation and a sense of achievement. Outcome 3 Confidence - Children have increased confidence as learners in the classroom. We create a safe space for making mistakes and provide tangible challenges to work towards, as well as giving the Young Pirates Opportunities to present their work and celebrate their achievements as often a5 P055ible. We give children the confidence to ask questions. share their work and try in class, not just at our sessions. 90% of teachers saw an increase in confidence of the children. Outcome 4 Perseverance - Children have increased levels of perseverance, put in more effort and keep going when things are hard. Academic success is hard work. We create an environment where children can feel successful and understand that success takes perseverance. Using established approaches like modelling. co-construction and guided reflection we help children to develop strategies for thinking about their own learning, or metacognition. 84°A of teachers said children tried harder in cla55 and 92% of parents & carers agreed. ' Interventions such as Literacy Pirates provide young people in Haringey a space to dream and explore, all the while nurturing a love of literacy and oracy. Their practice transformative, pure and simple. Thank youfor everything, Literacy Pirates1111 Teacher in Haringey The Virtual Ship: 2024-27 Our online digital programme, Wirtual Ship. is now an established programme, with growing school demand. It offers us the opportunity to work with children and communities who would not be able to come to a physical venue and live in more remote areas. We are excited by its unique offer and the exciting potential to reach many more children. That's why our new strategy for 2024 to 2027 focuses on the growth of the Virtual Ship. Every term we will increase the number of Young Pirates onboarded to the Virtual Ship, by 10-15%. Our north star is to harness the potential of tech to reach 350 children per term. with the same rigour and joy and ultimately give them the tools. mindset and confidence to succeed at school and beyond.
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E21X>FEA7 Trustee governance & management The organisation was established as a charitable company under a memorandum of association, which established the objects and powers of the charitable company and is governed under its articles of association. In accordance with the articles of association, the trustees retire by rotation at the end of their terms of office and are eligible for re-election. The Trustees delegate the day to day management of the charity to the Chief Executive. The Trustees have read and had due regard to the Charity Commission's public benefit guidance and confirm that the charitvs work meets the requirements. Organisation The board of trustees, which can have up to 15 members. administers the charity. The Articles of Association require that there should be a minimum of 5 and a maximum of 15 trustees. During the year the number of trustees fell from 10 to 5, two as planned and a further three for unforeseen circumstances. However. we successfully replenished the board with six new. highly skilled trustee5 who will join the board in Nov 2024. The Board meets approximately three times a year. All have given their time and advice outside and beyond the board meeting through the Advisory Committee structure. All new Trustees receive orientation and induction training. as well as annual Safeguarding training for all. Appointment of Trustees The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association. trustees retire after two year periods. and can be re-elected for upto four terms, eight years. The board of trustees has power to appoint a trustee during the year. Trustee Recruitment Trustees are recruited on the basis of relevant skills and empathy towards the organisation's charitable objectives. The organisation uses open recruitment, specialist trustee recruitment databases and Social media campaigns to find trustees. Trustee Indurtion and Training Potential new trustees are invited to attend a board meeting prior to appointment. New trustee5 undergo orientation to brief them on their legal obligations under charity and company law. the content of the Memorandum and Articles of Association, the board of trustees and decision making processes, the busine55 plan and recent financial performance of the charity. Safeguarding and child protection are also key elements of the induction training. During the orientation they meet key employees and other trustees, and are given an overview of the activities of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Reserves Policy The Trustees review the charitvs reserve5 policy annually, to ensure we have reserves to allow for planned growth. The policy is to hold reserves of three to six months of operating expenditure. The Charity reported a deficit for the financial period though continued to comply with our reserves policy, having free reserve5 of £544,205 equating to 5.7 months of operating cost cover at the reporting date.12022- 23.. £654,239 equating to 7.1 months of operating costs). The deficit was planned, using free reserves accumulated over previous years and allowing investment in team personnel and infrastructure. Statement of Trustees, Responsibilitie5 The Trustees Iwho are also the dirertors of The Literacy Pirates Limited for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel.
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E21X>FEA7 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charity SORP- make judgements and estimates that are reasonable and prudent: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware= there is no relevant audit information of which the charitable company's auditors are unaware- and the Trustees have taken all step5 that they ought to have taken to make them5elve5 aware of any relevant audit information and to establish that the auditors are aware of that information. Risk Review The Board retains a strategic risk register. updated before each board meeting. The major risks to the organi5ation mirror our priority areas of school and volunteer recruitment and fundraising. We are pleased that the volunteer numbers have steadily improved. and school partnerships increased. As the fundraising landscape hardens, we are also impacted. though please to of again reached the £lmillion mark. Reserve levels have fallen as we make use of accumulated income, and now is time to look for new investment. Our investment in the senior leadership team with a Head of Partnerships & Development and Head of Operatioris & People will bring specialism and capacity to surmount the challenges ahead. These are fundraising and also the increased use of technology and Al. Finally Thank You. Our thanks go especially to our ever-increasing community of volunteers, school partners and our funders- all of whom are the driving force that enables us to deliver our programme and impact. Thank You for joining us in our adventures in learning. A salute to you alll Feb 7. 2025 Nick Canning, Chair of Trustees
Docusign Envelope ID: A965AOC2-3B614C6&8379-95B2E2WFEA7 Report of the Independent Auditor to the Members of The Literacy Pirates Limited
Docusign Envelope ID: A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 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 mi55tatement 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: the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with applicable legal requirements. 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 Report of the Trustees. We have nothing to report in respect of the following matter5 where the Companies Act 26 require5 U5 to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to take advantage of the Small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responslbllltles for the audit of the financlal 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 a Report of the Independent Auditors 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise f rom fraud or error and are considered material if, individually or in the aggregate, they could reasonably be experted to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We discussed identified laws and regulation. fraud risk factors and the need to remain alert among the audit team. The charitable company is subject to laws and regulations that direttly affect the financial statements including companies and financial reporting legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items, including assessing the financial statements disclosures and agreeing them to supporting documentation where necessary. io-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E21X>FEA7 The charitable company is subject to many other laws and regulations where the consequence of non- compliance could have a material effect on amounts or disclosure in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, employment law, environmental law. We did not find any instances of non-compliance or breaches of the legislation framework applicable to the charitable company. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example. forgery or intentional misrepresentations, or th rough collusion. We identified that the following area5 were of high risk: Completeness of income. We performed various audit tests to ensure that income was not materially understated in the financial statements. Management override of controls. We performed various audit tests to ensure there was no material management override of controls We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation. Charities Act 2011 and Charities SORP 2019. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel when considered necessary. There are inherent limitations in the audit procedures described above and. the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits. we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of management bias by the directors that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report Thi5 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'5 members those matter5 we are required to State to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Shona Wardrop CA (Senior Statutory Auditor) for and on behalf of Chariot House Limited Chartered Accountants and Statutory Auditor, 44 Grand Parade. Brighton. BN2 9QA Date= 13 February 2025 li-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Statement of Fi nancial Activities Ilncluding Income and Expenditure Account) For the financial year ended 31st August 2024 Note Restrirted 202>24 Unrestrirted 202>24 Total 2023-24 Total 2022-23 Income Donations & legacies 520.409 427.298 947,707 902,244 Charitable activities 51,000 105,843 Investment income 30.147 30,147 17,100 Trading income 19.909 19,909 16,465 Other income 3.852 204 4,056 6,245 Total Income 524.261 S28.SS8 1.052,819 1,047,897 Expenditure Raising funds 15,998 160,810 176,808 208,975 Charitable activitie5 484.966 486.954 971,920 895,277 Total Expenditure 500.964 647.764 1.148,728 1,104,252 Net Income/{Expense) 23,297 1119,2061 195,9091 156,3551 Transfer5 Between Funds Net Movement Between Funds 23,297 1119.2061 195,9091 156,3551 Total Funds Brought Forward 179,109 671.561 850,670 907,025 Total Funds Carried Forward 202,406 552,355 754,761 850,670 12-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Balance Sheet As at 31st August 2024 Company Registration Number: 7790039 Note 202>24 2022-23 Flxed Assets Tangible Fixed Assets 13 8.150 17,322 8,150 17,322 Current Assets Debtors Cash atbankand in hand 14 78,119 929.412 64,130 856,533 I.)7,531 920,663 Liabilities Creditors.. amounts falling due within oneyear 15 260,920 87,315 Net Current Assets 746.611 833,348 Total Assets less Current liabilities 754.761 850,670 The Fund5 of the Charity Restricted funds Designated funds Unrestrirted funds 18 19 19 202.406 8,150 544,205 179,109 17,322 654,239 Total Charity Funds 754,761 850,670 These financial statement5 have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 27 November 2024 and were signed on its behalf bv: IAO NitkC3nninglFeb7,2025 12..04GMTI Nick Canning. Chair Date.. Feb 7, 2025 13-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Statement of Cash Flows For the financial year ended 31st August 2024 Note 202>24 2022-23 Cash flows from operating activities Net cash flow from operating activities 42,732 1101,3981 Cash flows from investing activities: Purchase of tangible fixed assets 112,7951 Interest income 30,147 17,100 Net cash flow from investing attivities: 30.147 4,305 Net increase/ldecrease} in cash and cash equivalents in the period 72,879 197,0931 Net cash and cash equivalents at the start of the period 856.533 953,626 Net cash and cash equivalents at the end of the period 929.412 856,533 Cash and cash equivalents are made up of cash held at the bank, in hand, and in deposit accounts only. These comprised of.. 202>24 2022-23 Cash in hand Cash at bank Cash on short temi deposit 106 504,120 425,289 262,710 593,717 929.412 856,533 14-
Docusign Envelope ID: A965AOC2-3B614C6&8379-95B2E21X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 The charity is a company limited by guarantee incorporated in England and Wales. The registered office is 138 Kingsland High Street. London, E8 2NS. l) Accounting Policies Accounting convention These accounts have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1. "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102 (effective l January 20191- (Charities SORP IFRS10211, and the Companies Act 2006. The Charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statement5 are rounded to the nearest £. The financial statements have been drawn up for a 12 month period from the I" September 2023 to the 31" August 2024. The comparative financial statements, described as "2022-23" in the notes to the financial statements, cover the period I" September 2022 to 31" August 2023. The accounts have been prepared under the historic cost convention, unless otherwise stated in the accounting policies. Assessment of going concern The Charity recorded a deficit of £95,909 in the financial period and held net cash of £929,412 and free reserve5 of £544,205 at the balance sheet date. At the time of approving the financial statements. the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. In reaching this opinion, the trustees have considered forward budgets and cash flow forecasts for a period of at least 12 months from the date of signing accounts. The trustees continue to adopt the going concern basis in accounting in preparation of financial statements. Fund accounting Unrestricted funds are general funds that are available for use at the trustees. discretion in furtherance of the objective of the charity. Designated funds are funds established by the trustees from time to time for specific projects or purposes, are not in any way restricted and any surplus or deficit will be transferred to/from the general purposes fund when the designated fund is closed. The value of fixed tangible assets. net of depreciation. is included under designated funds as this value is considered unavailable for general purposes. Restricted funds are those donated for use in particular area of specific purpose5. the use of which is restricted to that area or purpose. Income Incoming resources are accounted for a5 soon Literary Pirates has entitlement to the income and there is both probability of receipt and the amount is measurable. Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income from school referral partners is deferred across the duration of the academic terms for which they have paid. Grant income is recognised in full in the year in which it is receivable, unless there are specific performance related conditions that prevent its recognition. Where performance conditions apply, grant income is deferred until those conditions are met. 15-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E21X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 Expenditure Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure is accounted for on an accrua15 basis and has been classified under headings in the SOFA in the aggregate of all costs related to that category. Cost of raising funds relate to those specific costs incurred in organising and staging fundraising events and seeking voluntary contributions, together with employment costs of fundraising staff. Charitable expenditure comprises those costs incurred by the charity in the delivery of it5 activitie5 and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs include central functions and have been 311oc3ted to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to strategic management of the charity. Volunteers The Charity benefits from the contribution of many volunteers who give their time. In accordance with guidance in the Charities SORP FRS 102, no monetary value is included in the accounts for an equivalent time cost given by volunteers. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible within days to a known amount of cash and are subject to an insignificant risk of change in value. Tangible Fixed Assets Tangible fixed assets costing £1,000 or more including irrecoverable VAT and incidental installation costs are capitalised, where they meet the definition of fixed assets according to the relevant financial standards in force. Tangible fixed assets are stated at cost net of depreciation charged to date. Depreciation is charged on a straight line basis to the following standards: Leasehold Improvement5 20% 15 Years, orthe duration of the lease whichever the shorter IT Equipment 33%13 Years Tangible fixed assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Investment policy and objertives The Charity'5 risk appetite for financial investments is low to medium. Investments in bank saving5-based products must be lal regulated under the jurisdiction of the UK and Ibl underwritten by the FSCS or other government guarantee. Fixed term deposits may only be placed where they do not place a risk on the Charity's abilities to pay its obligations on time. At a minimum. the Charity must keep £250.000 available from a combination of the current bank account and immediately liquid investments. Fixed term deposits may only be placed for a maximum of 12 months. Investing with social-purpose providers is favoured, however risk appetite takes precedent above ethical factors. The Charity's policy for investment returns on rented property is to achieve fair market rates on all short and long-term sub-lettinB, Wlthin the parameters allowed by the head lease. The Charity will not invest in trading subsidiaries or joint ventures unless the Board of Trustees has considered and approved a viable business plan. The Director of Finance is responsible for the day to day management of the charity's investments. Investment performance is monitored and reported to the Finance. Audit and Risk Committee. 16-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E21X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 Investments are stated at market value, with realised and unrealised profits charged net to the statement of financial activitie5. Financial instruments The charity has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value with the exception of bank loans which are measured at amortised cost using the effective interest method. Financial Assets Trade and other debtors are recognised at the settlement amount due after anytrade discount offered. Prepayments are valued at the amount prepaid net of any discounts due. Financial Liabilities Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. Operating leases Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expenses when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Defined contribution pension Scheme The Charity operates a defined contribution pension scheme that 15 compliant with Auto-Enrolment legislation. The defined contribution pension scheme cost5 charged in the statement of financial activities represent the employer's pension contributions payable by the Charity, and the balance payable reported in the notes to the accounts represents a combination of employers, contributions and employees. deductions payable at the balance sheet date. Critlcal accounting estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Attual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. The Trustees do not consider there to be any estimates or judgements that are critical to the financial statements. 17-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 21 Voluntary Income {Donations and Legacies) Restricted Funds 2023-24 Unrestricted Funds 2023-24 Totsl Funds 2023-24 Total Funds 2022-23 AKO Foundatio Allan & Nesta Ferguson Charitable Trust Amazon Axa Bain Capital Children's Fund Europe Bloomberg L.P. Charles Jacob Charitable Trust Charles S French Charitable Trust Clarion Futures CPF Trust David Tebbutt Trust Fitch Group Forterra Building Products FundApps Giles UKLtd Good Things Foundation Google Herefordshire Community Foundation Investec Jack Petchey Foundation Company J J Charitable Trust Kekst CNC Kusuma Trust L&Q Placemakers Fund Lord Barnby Foundation Lucas-Tooth Foundation Mabs Mardulyn Charitable Foundation M&G Community Fund M&S Fund National Grid Phillips66 Ltd Raise your Hands Salesforce Scouloudi Foundation Sherborne in the Community Society of the Holy Child Jesus Swire Charitable Trust The Big Give The 81ue Thread Subtotal Carried Forward 55.737 55,737 52,500 10,000 5,000 14,738 82,730 3,189 106,609 106,609 2,000 50 4,000 2,500 1,000 1,500 3,000 50 4,000 2,500 1,000 1,500 12.5(K)I 1,5 1,000 10,000 15.(KK) 15,000 1,000 4,200 3,899 3,000 6,000 4.200 3.899 6,255 3,000 11,6451 15,000 15,000 1,250 1.250 25,000 5,000 2,000 1,000 5,000 5,000 2,500 2,500 1,000 20,000 20,000 1,500 28,393 1.51X) 28.393 1,600 2,997 5,000 30.C 30,000 2,500 15,000 25,000 2,500 15,000 25.(KM) 9,460 5,000 248,824 249.546 116,092 365,638 18-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 21 Voluntsry Income {Donations and Legacies) Subtotol Brought Forword The Buzzacott Stuart Defries Mem'l Fund The Charity of Sir Richard Whittington IThe Mercers, Company) The Considered Ask Foundation The Constable Educational Trust The Dixie Rose Findlay Charitable Trust The D'oyly Carte Charitable Trust The Foyle Foundation The Generation Foundation The Goldsmiths, Company The Gosling Foundation The Hadley Trust The Haramead Trust The Hargreaves Foundation The Hedley Foundation The Hiscox Foundation The Lennox Hannay Charitable Trust The Merchant Taylor5, Foundation The Pantheon Charitable Trust The Pears Family Charitable Foundation The Percy Bilton Charity The Portal Trust The Prince of Wales Charitable Foundation The Progress Foundation The Re5t-Harrow Trust The Salters Company The Si r Trevor Chinn Charitable Trust No2 The Symondson Foundation Tottenham Grammarschool Foundation UBS Walcot Foundation West Hackney Parochial Charity Other Corporate Giving Other Trusts & Foundations Individual Giving Legacy Giving 249,546 116,092 365,638 1,000 248,824 22.500 41.363 57,000 3,000 3,000 22,500 41,363 57,000 3,000 3,000 22,500 16,667 28,000 3,000 30,000 500 20,000 20.INX) 20,000 25,000 5,000 25.000 5,000 5,000 30,000 30,000 30,000 2,000 10,000 2,000 8,000 12,500 15,000 2,952 3,000 25,000 30,000 25,(KKI 30,( 17,500 17,500 5,000 20.0(K) 500 20,000 500 5,000 500 si 500 1,000 5,000 5,000 18,000 30,000 15,000 1,454 80,500 271,269 10,578 25,000 15.000 25,000 15,000 3,143 72,500 154,063 3.143 72,5tK) 154.063 Totals 520.409 427.298 947,707 902,244 12022-23= £440.135 of funds were restricted and £462.109 were unrestricted) The Literacy Pirates would like to thank all our funders. This includes those that joined the Captain's Collective and those donors giving multi-year fundin& including our Pirate Pals, giving monthly donations. Also those Trusts and Foundations, individuals and corporates who choose to give anonymously, plus everyone who offers us pro-bono support. 19-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 31 Income from Charitable Activities Totsl Funds 2023-24 Total Funds 2022-23 Income from School Referral Partners Income from Alternative Provision 21,000 30,000 45,843 60,000 Total 51,000 105,943 The income listed above relates to the one charitable activity: promoting the education of people in the UK through support to develop their literacy and creativity. All income from charitable activities was unrestricted. 12022-23: 311 income was unrestricted). 41 Investment Income Totsl Fund5 2023-24 Total Funds 2022-23 Interest on Bank Deposits 30,147 17,100 Total 30,147 17,100 All investment income was unrestricted12022-23: all income unrestricted). 51 Trading Income Total Funds 2023-24 Total Funds 2022-23 Property Sub-let rent & service charges Occasional Room Hire 18,779 1,130 15,144 1,321 Total 19,909 16,465 All trading income was unrestricted {2022-23- all income unrestrirtedl. -20-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 61 Other Income Restricted Funds 2023-24 Unrestricted Funds 202>24 Totsl Funds 2023-24 Total Funds 2022-23 Charges for Staff Attendance at Events DWPAccess to Work Grants Sundry Reimbursements 200 3.852 12501 454 3,602 454 6,025 20 Total 3.852 204 4,056 6,245 12022-23: £6.025 of funds were restrirted and £220 were unrestricted). 71 Expenditure on Raising Funds Restricted Funds 202>24 Unrestricted Funds 202>24 Totsl Fund5 2023-24 Total Funds 2022-23 Staff costs Other fundraising costs 15.998 144.196 16,614 160,194 16,614 136,952 72,023 15.998 160.810 176,808 208,975 12022-23= £3.326 of expenditure was restricted 2nd £205.649 unrestricted). 81 Expenditure on Charitsble Activities Restricted Funds 202>24 Unrestricted Funds 202>24 Totsl Fund5 2023-24 Total Funds 2022-23 Staff costs Education materials and activities Volunteer costs Fantastical space costs Depreciation Other costs Support costs Isee note 91 Governance costs (see note 91 411,866 28,111 5,736 34.007 305,213 14,719 3,460 79,679 9.172 33.205 33,868 7.638 717,079 42,830 9,196 113,685 9,172 35,570 36,749 7,638 653,013 47,320 5,446 96,951 11,244 51,234 24,325 5,744 2.365 2.881 484,966 486,954 971,920 895,277 12022-23: restricted expenditure was £468.844 and unrestricted expenditure £426.4331. 21-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 91 Support and Governance Costs Restrirted Funds 2023-24 Unrestrirted Funds 2023-24 Total Funds 2023-24 Total Funds 2022-23 Supportcosts: IT a nd telephone costs Office supplies Other c05tS Total support costs: Recharged to charitable activities 792 2.089 27.121 4.837 1.910 33,868 33,868 27,913 6,926 1,910 36,749 36,749 16,517 6,291 1,517 24,325 24,325 2.881 2.881 Governance costs: Audit Fees Trustee meeting costs Total governance costs: Recharged to charitable activities 7,440 198 7,638 7,638 5,670 74 5,744 5,744 198 7.638 7.638 12022-23= £3,294 of support costs expenditure was restricted, £21,031 was unrestricted. All Govemance costs were unrestricted) 101 Taxation The Charity is considered to pass the tests set out in Paragraph I Schedule 6 Finance Art 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respert of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Art 1992, to the extent that such income or gains are applied exclusively to charitable purposes. -22-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 111 Comparatives for the Statement of Financial Activities Restricted 2022-23 Unrestricted 2022-23 Total 2022-23 Income Donations & legacies 440.135 462,109 902,244 Charitable artivities 105,843 105,843 Investment income 17,100 17,100 Trading income 16,465 16,465 Other income 6.025 220 6,245 Total Income 446,160 601,737 1,047,897 Expenditure Raising funds 3.326 205,649 208,975 Charitable artivities 468.844 426,433 895,277 Total Expenditure 472.170 632,082 1,104,252 Net Income/(Expense) 126.0101 130,3451 156,3551 Transfers Between Funds 3,525 13,5251 Net Movement Between Funds 122,4851 133,8701 156,3551 Total Funds Brought Forward 201.594 705,431 907,025 Total Funds Carried Forward 179.109 671,561 850,670 -23-
Docusign Envelope ID: A965AOC2-3B614c6&8379-95B2E2FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 The Literacy Pirates Limited Notes to the Financial Statements For the financial year ended 31st August 2024 1215tsff Costs 2023-24 2022-23 Wages and salaries Social security costs Pension costs 788.643 72,268 16.362 717,238 59,654 13.074 877,273 789,966 One employee earned remuneration of between E60,CrtXJ and £70.OCM)12022-23- one employee earned between £60,000 and £70,LK)01. The average number of employees during the period were 2612022-23.. 261. Employees are counted irrespective of whether the worker is employed full time or part time. in accordance with the requirements of the SORP. As the Charity employs some part time and sessional workers, the average head count would be 22 based on full time equivalents I2022-23'. 221. Key management personnel. The trustees consider the Board of Twstees, Chief Executive Officer, Director of Fundraising, Director of Finance, Head of Partnership5 & Development and Head of Operations & People to be the key management personnel of the charity in charge of directing and controlling the charity and running the charity on a day to day basis. All tnjstees give their time freely and no trustee remuneration was paid in the year. Details of trustees expenses and related party transactions are disclosed in the notes of the accounts. Trustees are required to disclose all relevant interests and registerthem with the board in accordance with the charity's policy. The pay of the CEO along with all staff 15 reviewed annually by the Board and when appropriate increased taking into consideration inflation. average salaries in the area and salaries of other similar sized charities to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles. The Head of Partnerships & Development joined in September 2024 and The Head of Operations & People joined the Senior Leadership Team in August 2024. The Director of Fundraising left the charity in June 2024. Disclosure of remuneration for key management personnel covers the period they were part of the Senior Leadership Team. Included in the above staff costs are the remuneration paid to key management personnel over the financial period= 2023-24 2022-23 Wages and salaries Social security costs Pension costs 176,981 19.612 3.744 164,546 17.855 3,122 200,337 185,523 The charity operates a defined contribution pension scheme provided byThe People's Pension which satisfies the requirements of automatic enrolment pension legislation. At the end of the year, amounts of £3,385 were due to the pension scheme provider12022-23.. £2,988). Pension costs are allocated to the one charitable activity. These costs are split between restricted and unrestricted funds in line with the individual funding agreements.
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 131 Tangible fixed assets Leasehold Improvements Computer Equipment For Learning Computer Equipment For Staff Total C05t or valuation.. At the start of the financial period Additions in the financial period Disposals in the financial period At the end of the financial period 25.411 20.292 17,911 63,614 125,4111 125,411 38,203 20,292 17,911 Depreciation- At the start of the financial period Charge for the financial period Depreciation on dispsals in the period At the end of the financial period 23.716 1.695 125,4111 17.988 1,508 4,588 5,969 46,292 9,172 125,4111 30,053 19,496 10,557 Net book value.. At the start of the financial period 1.695 2.304 13,323 17,322 At the end of the financial period 796 7,354 8,150 141 Debtors 2023-24 2022-23 Trade debtors Prepayments Accrued Income Other debtors 37,515 16,289 10,648 13,667 26,573 24,744 6,506 6,307 78,119 64,130 151 Creditors 2023-24 2022-23 Trade creditors Taxation and social security Accruals Other creditors Deferred income15ee note 161 19,368 8,128 13,112 7,228 213,084 23,514 8,118 6,511 49,172 260,920 87,315 -25-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 161 Deferred Income 2023-24 2022-23 Deferred income brought fOard Amount released to income from Charitable Attivities Amount of income deferred during the financial period Deferred income held at the end of the financial period 49,172 148,0511 211,963 213,084 56,442 155,321 48,051 49,172 Deferred income relates to funds received in the period but where the trustees judge that the criteria for recognition is not yet met. Typically these incomes come from either restricted grants that are ringfenced for staff salaries, or income from school partners that is earned across the academic years for which they fund. Ofthe deferred income amount brought forward from 2022-23, £48,051 was released to income in 2023-24. The new amount of deferred income in 2023-24 was £213,084 and this amount is carried forward to spend in the future financial periods in accordance with the conditions Set by donors. In particular, the reason for the large increase in deferred income is a multi-year gift with conditions, received in advance from a major donor. 171 Analysis of Net Assets Between Funds Restrirted Fund5 202>24 Designated Funds 202>24 Unrestrirted Fund5 2023-24 Total Fund5 2023-24 Tangible Fixed Assets Cash at bankand in hand Debtors Less.. current liabilities 8.150 8,150 929,412 78,119 1260,9201 202,406 727,006 78,119 1260,9201 202.406 8.150 544,205 754,761 Restricted Funds 2022-23 Designated Funds 2022-23 Unrestricted Funds 2022-23 Total Funds 2022-23 Tangible Fixed Assets Cash at bankand in hand Debtors Less.. current liabilities 17.322 17,322 856,533 64,130 187,315 179.109 677,424 64,130 187,3151 179.109 17.322 654,239 850,670 -26-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 181 Restricted Funds Asat 1st Sept 2023 Inrome Expendff(ure 2023-24 Transfer5 Asat 31st Aug 2024 2023-24 2023-24 AKO Foundation Amazon Bain Capital Children's Fund Europe Chades S French Charitsble Trust Clarion Futures Good Things Foundation Herefordshire Community Foundation Investec J J Charitable Trust Kusuma Trust L&Q Placemakers Fund Lord Barnby Foundation M&G Community Fund National Grid Sherbourne in the Community Society of the Holy Child Jesus The Buzzacott Stuart Defries Mem'l Fund 55.737 155.7371 15.OLVJI 182.6651 14.0(M)I 15.OIKJI 82.51K) 106.609 106.444 4,21J) 4,200 13,OtKJl 16,0(KJl 15.(KKI 15.000 25.(MX) 125.OLKII 15.0(K)I 12.0(M)I 12,5001 I20,0) 12,51KJI 2.SCM) 20.IKK 2,5(Kl 15.(KKI 15,(KlO i.(xJo The Charily of Sir Richard Whittington (The Mercers, Company) The Considered Ask Foundation The Constable Educational TrLJSt The Dixie Rose Findlay Charitable Trust The D'oyly Carte Charitable Trust The Foyle Foundation The Gosling Foundation The Haramead Trust The Hargreaves Foundation The Hedley Foundation The Merchant Taylors, Foundation The Portal Trust The Progress Foundation The Rest-Harrow Trust The Salters Company Tottenham Grammar School Foundation U8S Walcot Foundation West Hackney Pargchial Charity Individual Giving Other Income IDWP Access to Workl 22.5LKI 22.5 41.363 57.IKM) 127.657 141.3631 I57,0J} 13,OIKJI 13,OtK)I 112,IlV)I 17.343 12,109 25.(KKI 25.(KlO 15.OLKII 130.0(KII 12.0(M)I 13.0001 117,51KJI 120,0(K)I 30.IKM) 17,SCK 20,(KX S(Kl 500 15.OtK)I 15.OtK)I 115.0(K)I 17.0811 115.OIKJI lio,0} 13,8521 15.(iKI 25.IKM) 1S.(KM) 17.919 iO,CKKJ 3,852 Totsl 179.109 524.261 1SCQ.9641 202,406 -27-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 181 Restricted Funds Continued Restricted funds= AKO Foundation A iwo-year grant iowards the leaming programme,. specifically a Volunteer Co-ordinator and Education Team Assistant for the virtual ship. A grant to help fund the book project in Hackney for the Autumn 2023 temi. A grant to help expand the impact and reach of the virtual learning programme. A grant towardsthe costs of the Making a Movie Project. A grant towards the costs of running the Virtual Ship programme. The donor's Digital Inclusion C3P3bility Grant to help expand the virtual prDgramme. A grant towards the costs of the Film Projert. A grant to help fund the book project in Hackney for 2024. Fundingto support the in-person and virtual leaming programme. A grant toward5volunteerinÉ activitie5 of the charity. A grant towardsthe runnirbgcosts of the virtual ship. A grant towardsthe c05t5 of the Book Project. A grant to support the general leaming programme. Fundingto support the virtual leaming programme, 2023-24. A grant to help fund the in-person movie projert, summer 2024 term. A one yeargrant to svpport the core costs of wnning the virtual leaming programme. A grant to help fund the Hackneyyoung author's project. Autumn 2024 term. Amazon Bain Capital Children's Fund Europe Chades S French Charitsble Trust Clarion Futures Good Things Foundation Herefordshire Community Foundation Investec J J Charitable Trust Kusuma Trust L&Q Placemakers Fund Lord Barnby Foundation M&S Fund National Grid Sherborne in the Community Society of the Holy Child Jesus The Buzzacott Stuart Defries Mem'l Fund The Charily of Sir Richard Whittington (The Mercer5' Company) The Considered Ask Foundation The Constable Educational TrLJ5t The Dixie Rose Findlay Charitable Trust The D'oyly Carte Charitable Trust The Foyle Foundation The Gosling Foundation The Haramead Trust The Hargreaves Foundation The Hedley Foundation The Merchant Taylors, Foundation The Portal Trust The Progress Foundation The Rest-Harrow Trust The Salters Company Tottenham Grammar School Foundation U8S Fundingfor the Haringey Ship. A grant towardsthe salary of the School Partnerships Manager. A tech fund granttowards developingthe Virtual Ship programme. A grant towards the running costs of the virtual ship. A grant towards the Film Projert. A grant towards the costs of running the Virtual Ship programme. A grant to help fund the virtual ship. 2023-24 A grant towardsthe costs of the Book Project. A grant to 5UPPOrt the general leaming programrne. A grant to help fund the in-per50n movie project. sumrner 2024 term. A grant towardsthe costs of the Book Project. A grant towards the YoungAuthors' Book Project. A grant to support the njnning costs of the virtual programme. A grant to help support the 2024 young authors project. A grant to support the general leaming programme. A grant towards the costs of running the Haringey leaming programme. A grant spon50ring one school on the programrne. A grant towardsthe c05t5 of runningthe virtual learning programme in Lambeth between 2022-25. A multi-year grant towards the costs of running the learning programme in Hackney. A grant to support the general leaming programme. Fundingto provide assistive equipment & training to charity staff members. Walcot Foundation West Hackney Parochial Charity Individual Giving DWP Access to Work -28-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 191 Unrestricted Funds Asat 1st Sept 2023 Income 2023-24 Expenditure 202>24 Transfers 2023-24 Asat 31st Aug 2024 Designated Funds.. Fixed asset fund Total Designated fund5 17,322 17,322 19.1721 19,1721 8,150 8,150 Unrestrirted Funds 654,239 528.558 1638.5921 544,205 Total Unrestricted Funds 671,561 528.558 1647.7641 552,355 Asat 1st Sept 2022 Intome 2022-23 Expenditure 2022-23 Transfers 2022-23 Asat 31st Aug 2023 Designated Funds.. Fixed asset fund Total Designated funds 15,771 15,771 111,2441 111,2441 12,795 12,795 17,322 17,322 Unrestricted Funds 689,660 601.737 1620.8381 116,3201 654,239 Total Unrestricted Funds 705,431 601,737 1632,0821 13,5251 671,561 Designated funds: Fixed asset fund. This fund reflects the value of fixed assets that are not available as part of the Charity's day to day working capital. Unrestricted funds= General unrestricted funds are the free reseNes after allowing for all designated funds. 201 Reconciliation of net movement in funds to net cash flow from operating activities 2023-24 2022-23 Net movement in funds= Add.. Depreciation Deduct.. Investment income Decrease/lincreasel in debtors Increase/ldecreasel in creditors 195,9091 9.172 130,1471 113,9891 173,605 156,355 11,244 117,100 13,562 135,6251 Net cash flow from oper3ting activities 42.732 1101,3981 -29-
Docusign Envelope ID= A965AOC2-3B614C6&8379-95B2E2¢X>FEA7 The Literacy Pirates Limited Notes to the Financial Statements For the Period Ending 31" August 2024 211 Lease commitments At the balance sheet date, the charity was committed to paying the following non-cancellable operating leases in respect of land and buildings. 2023-24 2022-23 Due in one year Due in 2-5 years 25,524 46,794 55,314 72,318 72,318 127,632 In 2022-23 the charity leased premises in Hackney and Haringey forthe purposes of providing education sessions and a workplace for employees. After a strategic review the charity exited the Haringey premises on 31st August 2024 in order to both reduce the costs of delivering sessions and expand the online, virtual programme. The lease on the Hackney premises is ongoing and expires 30th June 2027. The minimum commitment under the ongoing Hackney lease is disclosed for 2023-24 of this note.12022-23- both lease commitments disclosed). 221 Related party transactions During the financial period the company made the following related party transactions- Trustees No Trustee received any remuneration for their services to the Charity. All Trustees waived their right to claim expenses from the Ch3rity during the period. Consequently no expenses were paid to Trustees12022-23.. £nill Trustees made voluntary donations of £301,652 either in-person or through workplace charity giving facilities. £21K),000 of these donations were deferred to future financial periods in accordance with the donor's wishes and in compliance with the charity's policy on income recognition.12022-23.. £152,860 of voluntary donation5, none of which were deferred). Donations disclosed here include the value of Gift Aid where claimed. One former Trustee who served for part of the financial period is in a position of influente or control at Bain Capital Europe. Bain Capital Children's Fund. a connected party. made grants of £106.609 in the financial period12022-23'. grants of £82,500 and £230 of employee donations). -30-
Docusign Envelope ID: A965AOC2-3B614C6M379-95B2E200FEA7 Annual Report and Accounts - Literacy Pirates 2023-24 Final Audit Report 2025-02-07 Created.. 2025-02-07 By.. Jude Williams Q-ude.williams@lrteraGypirate5.orgl Status.. Signed Transaction ID.. CBJCHBCAABAAQbVFCU1YOm8a1SvcbnfRKoQOBGrZ121h "Annual Report and Accounts - Literacy Pirates 2023-24" History Document created by Jude Williams (i'ude.williams@literacypirates.org) 2025-02-07- 9.'03.23 AM GMT Document emailed to Nick Canning (nick.canning@kizazi.org) for signature 2025-02-07- 9..09..29 AM GMT Email viewed by Nick Canning (nick.canning@kizazi.org) 2025-02-07- 12.'02.'03 PM GMT Document e-signed by Nick Canning {nick.canning@kizazi.org) Signature Date.. 2025-02-07 - 12.'04.'52 PM GMT- Time Sou.. server Agreement completed. 2025-02-07- 12.'04.'52 PM GMT