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← Worldreader

2024-12-31-accounts

Charity Registration No. 1158030

WORLDREADER

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

WORLDREADER

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr C McElwee (Resigned March 7, 2024) Mr D Risher Ms H Ireland Ms L Halpern Mr P Mallinson Mr M Nye Ms. R Chandler-Leege (Appointed March 7, 2024) Charity number 1158030 Principal address 20 Darmouth Park Road London NW5 1SX Bankers HSBC Bank 196 Oxford Street London W1D 1NT

WORLDREADER

CONTENTS

Page
Trustees' report 1 - 5
Statement of Trustees' responsibilites 6
Accountant's report 7
Statement of fnancial actvites 8
Balance sheet 9
Notes to the accounts 10 - 14

WORLDREADER

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report and financial statements of the Charity for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Trust Deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

STRUCTURE GOVERNANCE AND MANAGEMENT

Type of governing document: Constitution

How the charity is constituted: Charitable Incorporated Organization (CIO)

Registered charity number: 1158030

Trustee selection methods: Apart from the first Charity Trustees, every Trustee will be appointed for a term of 4 years by a resolution passed by the Trustees at a convened meeting. In selecting individuals for appointment as Charity Trustees, the Charity Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO (Article 10 WR Constitution).

The Trustees who served during the year were:

− Ms. Lucia Halpern (Secretary of the Board of Trustees)

Charity’s Organizational Structure within the wider network: Worldreader Global Initiative (WRGI)

Worldreader is a global initiative implemented by various separate legal entities that work in close collaboration. Currently, there are 4 other legal entities registered under the Worldreader Global Initiative

recognition; and

We work globally with partners to improve reading outcomes in children ages 3-12. We develop and provide evidence-based reading programming to community-based organizations, schools and other learning institutions, and the private sector, resulting in children’s improved reading comprehension, social-emotional competencies, and digital literacy skills.

To achieve their mission, all Worldreader entities conduct charitable and educational outreach programs to provide services to underserved communities. All entities have similar, if not identical, purposes but each entity contributes to the global mission considering its main strengths and opportunities. Worldreader UK’s main aim is to raise funds in order to support WRGI’s common mission.

WORLDREADER

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

CIO Functioning

Day to day management

The Trustees delegate the day-to-day management of the organisation to the WRGI integrated corporate and management structure. This is a global structure formed by global teams located across all the WRGI entities where there are not distinct reporting lines for each office/entity but rather reporting relationships based on functional positions (e.g. operations, finance, marketing and communications). While these global teams have the authority to manage all the organisation’s operations the Trustees are the ultimate party responsible to guarantee that all funds are utilised for charitable activities as defined by the Charity Commission Guide on public benefit and Worldreader UK’s Constitution.

Risk management

The Trustees have considered major risks related to Governance, Financial and Compliance with laws and regulations to which the CIO is exposed and determined there are no specific areas of concern. Systems and procedures to manage general business risks are in place.

Going Concern

The trustees consider the Charity to be a going concern on the basis that there is adequate resources to meet the limited annual expenditure that is incurred running the charity. The trustees confirm that at the time of approving the financial statements, there are no material uncertainties regarding the Charity’s ability to continue in operational existence for the next 12 months.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the year.

Express appointments for key functions

Ms. Hermione Ireland continued to exercise the role of Authorised Official, HM Revenue & Customs (HMRC), and the Charities Commission, which was duly notified to the Charity Commission in 2024.

Financial Management

The day-to-day accounting and financial management of the CIO would be managed by the WRGI’s finance team, led by the Director of Accounting based in the US.

However, the Trustees would maintain at all times the final decision-making powers that in no case would be delegated to the staff members of the WRGI.

OBJECTIVES AND ACTIVITIES

The main goal of Worldreader UK should be to fundraise to support WRGI activities and make grants to other WRGI entities and/or external organisations that would be better prepared to implement projects aligned with its mission.

The Trustees meet regularly and decide which entity, either WRGI or external, would be more effective implementing the activities funded by the UK donors. To identify the best partners, the Trustees have the capacity to request WRGI entities or third parties to send grant requests or to review and evaluate unsolicited grant requests. Once a request is received the Trustees need to review it and they need to decide by a majority vote if the request is to be approved. Once approved the Trustees are

WORLDREADER

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

responsible for regularly supervising all grants implemented by reviewing the activity and financial reports agreed with the implementing partner. The Trustees can agree on additional supervision measures such as field visits, inviting project managers to report during Trustees meetings and/or any other methods the Trustees see fit on a case-by-case basis.

Objectives

The objectives of the CIO are: (i) to advance the education of the public; and (ii) the prevention and relief of poverty or hardship.

In each case, in particular but not exclusively by: (1) making digital books, materials and new technologies available to families and their children; and (2) promoting and supporting initiatives that use new technologies to provide immediate access to written materials.

Nothing in Worldreader UK’s Constitution shall authorise an application of the property of the CIO for purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and section 2 of the Charities Act (Northern Ireland) 2008.

Achievements and performance

Worldreader Global Initiative works globally with partners to support vulnerable and underserved communities with digital reading solutions that help improve learning outcomes.

During 2024, Worldreader UK’s main activities were:

Worldreader UK 2024 advancement performance

In 2024, Worldreader UK obtained philanthropic investments of £9,391 (2023: £67,635) primarily from one corporate donor to Worldreader UK. These funds enabled Worldreader UK to further its outreach in support of its technology platform to provide BookSmart and the 3000+ titles across five languages (Arabic, English, Hindi, Kiswahili, and Spanish) as a public good, across 100 countries and 440,000 readers and direct outreach to families in Kenya.

Financial Review

Financial management policies adopted:

It is the policy of the charity that the funds should be maintained at a level equivalent to three month’s expenditure, excluding restricted grants. The total amount of unrestricted cash as of December 31, 2024, was £26,533 (2023: £83,047). As of April 2025, three months' recurring expenditure, excluding approved grants, is £3,000 GBP. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that the systems are in place to mitigate exposure to major risks.

WORLDREADER

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Revenue & Expenses

  1. Revenue

All donated revenue received by Worldreader UK during the financial year came from the private sector, trusts, corporations, and individuals. Thanks to all these donations and/or grants received, Worldreader UK was able to support its key objectives.

Revenue 2024 2023
Major Gifts & General Donations £391 £25,323
Corporate Giving £9,000 £13,837
Foundation £0 £28,394
HMRC -Gift Aid Revenue £0 £81
Total £9,391 £67,635

2. Expenses:

All of the expenditure incurred has been allocated to the general charitable activities.

2024 2023
Support Costs £629 £137
Travel £500 £0
Bank Charges £129 £137
Governance Costs £10,762 £11,706
Independent examination fees £0 £4,688
Accountancy £10,762 £7,018
Grant funding of activities £55,000 £20,000
Total Expenditure £66,391 £31,843

WORLDREADER

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

ADVANCEMENT PLANS FOR 2025 AND BEYOND

In 2025, Worldreader UK, with support of the global team, will align its fundraising efforts to support 20,000 families in Kenya. In addition, it will continue to offer BookSmart and the 3000+ titles across five languages (Arabic, English, Hindi, Kiswahili, and Spanish) as a public good. Therefore, Worldreader UK’s fundraising plan for the UK seeks to achieve a £10,000 revenue goal, in alignment with the amount raised in 2024.

Signed on behalf of the Trustees

Ms. Hermione Ireland Date: 14th July 2025

WORLDREADER

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs and of the of the incoming resources and application of resources for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Trustees

Ms. Hermione Ireland

Date: 14th July 2025

WORLDREADER

CHARTERED ACCOUNTANTS’ REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL INFORMATION OF WORLDREADER

FOR THE YEAR ENDED 31 DECEMBER 2024

In accordance with the letter of engagement, we have prepared for your approval the financial information of Worldreader for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes from the entity’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation/a-z

You have approved the financial information for the year and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation.

We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information.

Use of our report

This report is made solely to you, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial information of Worldreader and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trustees for our work or for this report.

BDO LLP Chartered Accountants Birmingham UK Date 31/07/2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

WORLDREADER

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Total
Unrestricted
Total
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donatons and legacies
2
9,391
67,635
Total income
9,391
67,635
Expenditure on:
Charitable actvites
3
66,391
31,843
Net (expenditure)/income for the year/
Net movement in funds
(57,000)
35,792
Fund balances brought forward
75,749
39,957
Fund balances carried forward
18,749
75,749		 Total
Unrestricted
Total
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donatons and legacies
2
9,391
67,635
Total income
9,391
67,635
Expenditure on:
Charitable actvites
3
66,391
31,843
Net (expenditure)/income for the year/
Net movement in funds
(57,000)
35,792
Fund balances brought forward
75,749
39,957
Fund balances carried forward
18,749
75,749		 Total
Unrestricted
Total
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donatons and legacies
2
9,391
67,635
Total income
9,391
67,635
Expenditure on:
Charitable actvites
3
66,391
31,843
Net (expenditure)/income for the year/
Net movement in funds
(57,000)
35,792
Fund balances brought forward
75,749
39,957
Fund balances carried forward
18,749
75,749
67,635
31,843
35,792
39,957
75,749
The statement of fnancial actvites includes all gains and losses recognised in the year.
All income and expenditure derive from contnuing actvites.

The notes on pages 10 to 14 form part of these accounts.

WORLDREADER

BALANCE SHEET

AS AT 31 DECEMBER 2024

Charity number: 1158030
Notes
Fixed assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one year
12
Net current assets
Unrestricted funds
14		 2024
£
-
26,533
26,533
(7,784)		 £
-
18,749
18,749
18,749		 2023
£
202
83,047
83,249
(7,500)		 £
-
75,749
75,749
75,749

The financial statements were approved by the Trustees on ......................... 14th July 2025

.............................. Ms. Hermione Ireland Trustee

WORLDREADER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Worldreader is a registered Charity. The registered office is 20 Darmouth Park Road, London, NW5 1SX. Details of Trustees are mentioned on page 1. The principal activity of the Charity is to fundraise to support WRGI activities and make grants to other WRGI entities and/or external organisations that would be better prepared to implement projects aligned with its mission.

1.1 Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Statement of recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

The financial statements are presented in £ sterling and rounded to the nearest £1.

1.2 Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and believe are no material uncertainties about the entitiy's ability to continue as a going concern. The Trustees therefore believe that it is appropriate to prepare the accounts on a going concern basis and the charity will be in existence for at least 12 months following the signing of the financial statements.

1.3 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.4 Expenditure

Resources expended are recognised in the period to which they relate.

Direct charitable expenditure comprises all the expenditure relating to the activities carried out to achieve the charitable objectives.

Support costs represent costs that cannot be directly attributed to activities. These costs have been allocated to the charitable activities on the basis of grant expenditure.

Governance includes the costs of compliance with constitutional and statutory requirements and has been allocated across the charitable activities in the same proportions as support costs.

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 33.33% straight line

WORLDREADER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (Continued)

1.6 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Basic financial assets

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

Impairment of financial assets

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

Basic financial liabilities

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

1.7 Funds structure

Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in the furtherance of the charitable objects.

Restricted funds represent funds available to meet specific expenditure as specified by the fund provider.

Further details of unrestricted funds is disclosed in Trustees' report.

1.8 Grants payable

Grants payable are payments made to the third parties in the furtherance of the charitable objects of the Charity. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Charity.

1.9 Creditors and provisions

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.

WORLDREADER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

2 Donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Revenue generated from contributons of a general nature 9,391 67,635
9,391 67,635

3 Charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Grant funding of actvites (see note 4 ) 55,000 20,000
Support costs (see note 6) 629 137
Share of governance costs (see note 6) 10,762 11,706
66,391 31,843
Grants Expenditures
2024 2023
£ £
Grants to insttutons:
Grants to Worldreader Kenya 55,000 -
Grants to Worldreader Ghana - 20,000
55,000 20,000

4 Grants Expenditures

5 Taxation

The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

WORLDREADER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6

Support costs
Governance
costs
£
£
129
-
Bank charges
Travel
500
-
Independent examinaton
fees
-
Accountancy
-
‐
10,762
629
10,762		 2024
Support costs
Governance
costs
£
£
£
129
137
-
500
-
-
-
4,688
‐
10,762
-
7,018
11,391
137
11,706		 2023
£
137
-
4,688
7,018
11,843

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration, any expenses reimbursement or benefits from the Charity during the year.

8 Employees

The average number of employees in the year is nil (2023: nil).

9 Net movement in funds 2024 2023
£ £
Net movement in funds is stated afer charging
Independent Examiner fees - 4,688
10 Tangible fxed assets
Fixtures, fittings & equipment
£
At 1 January 2024 1,174
Disposals (1,174)
At 31 December 2024 -
At 1 January 2024 1,174
Eliminated in respect of disposals (1,174)
At 31 December 2024 -
Carrying amount
At 31 December 2024 and 31 December 2023 -

WORLDREADER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

11 Debtors
2024 2023
Amounts falling due within one year: £ £
Trade debtors - 202
12 Creditors: amounts falling due within one year
2024 2023
£ £
Accruals 7,784 7,500
13 Analysis of net assets between funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fund balances at 31 December 2024 are represented by:
Current assets 18,749 75,749
18,749 75,749
14 Analysis of funds
Funds 31 December 2023 Income Expenditure Funds 31 December 2024
Unrestricted funds 75,749 9,391 (66,391) 18,749
Total 75,749 9,391 (66,391) 18,749
Funds 31 December 2022 Income Expenditure Funds 31 December 2023
Unrestricted funds 39,957 67,635 (31,843) 75,749
Total 39,957 67,635 (31,843) 75,749

15 Related party transactions

During the year a grant of £Nil (2023: £20,000) was paid to Worldreader Ghana, a related party of Trustee Colin McElwee, to support activities in Ghana relating to digital reading. Colin McElwee was a member of the Board of Directors of Worldreader Ghana (resigned March 7, 2024), the recipient organisation.

During the year a grant of £55,000 (2023: £Nil) was paid to Worldreader Kenya, a related party of Trustees Colin McElwee to support activities in Kenya relating to digital reading. Colin McElwee was a member of the Board of Directors of Worldreader Kenya (resigned March 7, 2024), the recipient organisation.

Also, during the year an unrestricted gift of £Nil (2023: £25,000) was made to the Charity by Peter Malinson, a Trustee of the organisation.