Charity registration number 1158030 {EnBland and Wales) WORLDREADER ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
WORLDREADER LEGAL AND ADMINisfRATIVE INFORMATION Trustees Mr D Risher Ms H Ireland Ms L Halpern Mr P Mallin50n MrMNye Ms. R Chandler-Leege Charity number 1158030 Principal addre55 20 Darmouth Park Road London NW5 ISX Independent Examiner Heathei Wheelhouse ACA BDO LLP Level 12 Thames Tower Ststion Road Reading RGI ILX Bankers HSBC Bank 196 Oxford Street London WID INT
WORLDREADER CONTENTS Page Trustees, report ststement of Trustee5' responsibilities Independent Examiner Report ststement of financial artivttie5 Balance sheet Notes to the accounts 9-13
WORLDREADER TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their annual report and financial statements of the Charity for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the ChariVs Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commencing from l January 20191- STRUCTURE GOVERNANCE AND MANAGEMENT Type of governing document: Constitution How the charity is constituted: Charitable Incorporated Organization ICIOI Registered charity number: 1158030 Trustee selertion methods: Apart from the first Charity Tnjstees. every Trustee will be appointed for a term of 4 years by resolution passed by the Trustees at a convened meeting. In selecting in(Jividuals for appointment as Charity Trustees, the Charity Trustees must have regard to the skills. knowledge and experience needed for the effertive administration of the CIO (Article 10 WR Constitution). The Trustees who served during the year were= Ms. Hermione Ireland Ichair of the Board of Trustees) Ms. Lucia Halpern (Secretary of the Board of Trustees) Mr. Peter Mallinson Mr. Martin Nye Ms. Rebecca Chandler Leege Mr. David Risher Charity's Organizational Stwrture within the wider network: Worldreader Global Initiative IWRGII 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 worldreader.or US registered a5 a 501lcl3 Charity incorporated in the State of Washington- Fundacion worldreader.or registered as Foundation under the Spanish Ministry of Education with public benefit recognition,. and ital Readin Foundation "DRF" registered in India as a company limited by shares and not for profit incorporated under Section 8 of the Companies Act 2013- and worldreader.or Ken a registered as an International Non-Governmental Organization under slo of NGO Coordination Act. 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'5 improved reading comprehension, social-emotional competencie5. and digital literacy skills. To achieve their mission, all Worldreader entities condutt charitsble 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 2025 CIO Funrtioning Dayto 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 officelentity but rather reporting relationships based on functional positions le.g. operations, finance, marketing and communications). While these global teams have the authority to manage all the organisation'5 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. Finènci31 ènd 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 are 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 Chariws ability to continue in operatior)al existence for the next 12 months. Public benefit The trustees confirm that they have referred to the guidance contsined in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objettives 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 IHMRCI, and the Charities Commission, which wa5 duly notified to the Chartty Commission in 2025. Financial Management The day-to-day accounting and financial management of the CIO is 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 grant5 to other WRGI entities andlor 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 un501icited 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 responsible for regularly supervising all grants implemented by reviewing the activity and financial reports agreed with the implementing partner. The Tru5tee5 can agree on additional supervision measures such as field visits, inviting project managers to report during Trustees meetings andloi any other methods the Trustees see fit on a case-by-ca5e basis.
WORLDREADER TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Objectives The objertives of the CIO are: lil to advance the education of the public- and lill the prevention and relief of poverty or hardship. In each case, in particular but not exclusively by=111 making digital books, materials and new technologies available to families and their children,. and121 promoting and supporting inwtiatives that use new technologies to provide immediate access to written materials. Nothing in Worldreader UK'S Constitution shall authorise èn application of the property of the CIO for purposes which are not charitable in accordance with section 7 of the Charhties and Trustee Investment (Scotlandl Act 2005 and section 2 of the Charities Act INorthern Ireland) 2008. Achievements and performance Worldreader Global Initiative works globally with partner5 to support vulnerable and underserved communities with digital reading solutions that help improve learning outcomes. During 2025, Worldreader UK'S main activities were- To identify grant opportunities to Worldreader Kenya, Latin America. and beyond,. and To ensure supporters are informed, engaged, and stewarded for the contributions they provide. Worldreader UK 2025 advancement perfomiance In 2025, Worldreader UK obtained philanthropic investments of £IOO,00012024'. £9,391) from one individual donor in the form of a multi-year pledge12025-2027.1 These funds enabled Worldreader UK to further its outreach in support of families and their children reading in Kenya and South Africa. along with enhancernents to Booksmart. and the 27.000+ titles across five languages IArabic, English. Hindi. Kiswahili. and Spanish) as a public good. across 100 countries and 312.000 families globally Reserves Policy It is the policy of the charity that unrestricted funds should be maintained at a level equivalent to three month's expenditure excluding restricted grants. As of April 2026, three months, recurring expenditure, based on the prior three-year average is £3,000. The Trustees consider that reserves at this level will ensure that, in the event of a sigr)ificant 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 re5erve5 has been maintained throughout the year. The reserves freely available at year end was E19.41212024.' £26.5331. The total reserves balance for the year was £81,37212024.. £18,7491- £70,000 of this was restricted12024= Nill, with the remaining £11,37212024- £18,749) being unrestricted. Financial Review 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 2025 Financial Review Icontinuedl Income & Expenses l. Income All donated income received by Worldreader UK during the financial year came from individuals. Thanks to all donations received, Worldreader UK was able to support its key obertives. Income 2025 2024 Major Gifts & General Donations Corporate Giving loo,000 £391 £ 9,000 Total i(M).000 £ 9.391 2. Expenses- All of the expenditure incurred has been allocated to the gener31 charitable èctivities. 2025 2024 Support Costs Travel £ 56 £ 629 £500 Bank Charges Governance Costs £ 56 £ 129 £ 7,321 £ 5.040 £ 2.281 £ 30.0 £ 10,762 Independent Examination Fee5 Accountancv Grant funding of activities Total expenditure £ 10,762 £ 55.000 £ 37.377 £ 66.391 ADVANCEMENT PLANS FOR 2026 AND BEYOND In 2026, Worldreader UK, with support of the global team, will align its fundraising efforts to support 50,000 families in Kenya. In addition, it will continue to offer Booksmart and the 2700+ titles across five languages (Arabic, English, Hindi, Kiswahili, and Spanish) as a public good. Therefore, Worldreader UK'S Board of Trustees intends to raise £IO,DOO of income, to align with the amount raised historically outside of one-time lae dorbations. through direct donor outreach utilizing personal networks. Signed on behalf of the Trustees Ms. Hermione Ireland Date.. 614126
WORLDREADER TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 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 resource5 and application of resource5 for that year. In preparing these accounts. the Trustees are required to= select suitsble accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed. subjert to any material departures disclosed and explained in the accounts,. and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping suflicient accounting records that ère sufficient to show and explain the charit¢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.. 614r26
WORLDREADER INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WORLDREADER FOR THE YEAR ENDED 31 DECEMBER 2025 I reportto the trustees on my examination of the accounts of the Charityfor the year ended 31 December 2025. which are set out on pages 7 to 13. This report is made solely to the charity's trustees. as a body. in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stste to the charity's trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted bv law, I do not accept or a55ume re5pon5ibility to anyorhe otherthan the chartty's trustee5 as a body, for my work, for thi5 report, or for the statement I have made. Responslbllltles and basls for report As the trustees of the charity you are responsible for the pparatIOn of the accounts in accordance with the requirements of the Charities Act 20111.the Act") I report in respect of my examination of the chariVs accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Indepèndent examinerfs statèment I have completed my examination. I confirm that no Tnaterial matter5 have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records," or the accounts do not comply with the accounting requirements concerning the form and content of the accounts set out in the Charitie5 (Accounts and Report51 Regulations 2(X)8 other than any requirement that the accounts give 3.true and fair view. which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable 3 proper understanding of the accounts to be reached. D$an•4 by: Signed.. DA15AED75D454$3... Heather Wheelhouse ACA BDO LLP Level 12 Thames Tower Station Road Reading RGI ILX Date- 09 April 2026
WORLDREADER srATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrlrted Restrlrted Total Total Unre5trirted funds 2024 funds 2025 funds 2025 2025 Notes Intome from: Donatr'ons and legacies Ico.c 100.c 9,391 Total income i),C 100,c 9,391 Ex enditure on: Charitsble achvities 7.377 30.IKX) 37,377 66,391 Net lexpenditurel/income for the yearl Net movement in funds 17.3771 70.1 62,623 157,1I)01 Fund balances brought fonard 18.749 18,749 75,749 Fund balances tarried forvArd 11.372 70.1 81,372 18,749 The ststement of financial activities includes all gains and losse5 recognised in the year. The ststement of financial acbvities includes all gains and losse5 recognised in the year. All income and expenditvre derive from continuing achvities. The notes on pages 9 to 13 form part of these accounts.
WORLDREADER BALANCE SHE AS AT31 DECEMBER 2025 Charity numbèr: 1158030 2025 2024 Notes Current assets Debtor5 Cash at bank and in hand 66,(KK) 23.412 26.533 89.412 26.533 Credltors: amounts falllng due wlthln one year 18.0401 17.7841 Net current assets 81.372 18.749 Income funds Restricted funds Unrestricted funds 11. 12 11. 12 70.IJJ) 11,372 18,749 81,372 18,749 The financial statements were approved by the Trustees on . 614r26 Ms. Hermione Ireland Trustee
WORLDREADER NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies Charity information Worldreader is a registered Charity. The registered office 15 20 Darmouth Park Road, London, NW5 ISX. Detsils of Tru5tee5 are mentioned on page l. 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 alled with its mission. 1.1 Accountin8 convention The financial ststements have been prepared under the historical cost convention and in accordance with the Statement of recommended Practice.. Accounting and Reportrng by Charities preparing their accounts in accordance with the Financial Reporhng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecttve l January 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial ststements have been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Reports) Regulations 28 only to the extent required to provide a 'true and fair, view. This departure has involved following Atcounting and Reporhng by Charities preparing their financial statements in accordance with the Fi)ancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and Repotting by Charities.. ststement of Recommended Pracbce effertive from l April 2005, which has Sin 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 fvture and believe are no material uncertainties about the entitiy'5 ability to continue as a going concern. The Trustees therefore believe that it is appropriate to prq)are the accounts on a going concern ba515 and the charity will be in existence ft)r at least 12 months following the signing of the h"nancial statements. 1.3 Income Income is recogni5ed when the Chartty is legally entttled to It after any performance condition5 have been met, the amounts can be measured reliably. and it is probable that income will be leIved. EKpenditure 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 direttly attribe to aciivities. These costs have iEen allocated to the charitable activitt'es on the basis of grant expenditure. Governance includes the costs of compliance with constitutional and statutory requirements and has been allocated across the charitsble activities in the same proportion5 as support Costs. rinancial instruments The Charity only has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic linancial instruments are initially recognised at transaction value and subsequently measured at their settlen*nt value. Bosicfinonclol tsssets Basic financial a55ets, which include debtors and cash and bank balances, are initially measured * 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 transacbon is measured at the present value of the future receipt5 discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
WORLDREADER NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accountin8 policies (Continued) Impairment offinanciol assets Financial assets. other than those held at fair value through income and expenditure. are assessed for indicators of impairment at each reporting date. 8asicfinancial liobilities Basic financial liabilities. including creditors a 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 rec8pts discounted at a market rate of interest. Financial liabilities classified as payable within one year a not amortised. Funds strutture Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in the furtheran of the charitable objects. Restricted funds represent funds available to meet specific expenditure as specified by the fund Fyovider. Further details of unrestrirted funds is disclosed in Trustees. pOrt. 1.7 Grants payable Grants payable are payments made to the third parties in the furtheran of the charitable objects of the Charity. Single or multi-year grants are accounted for when either the recipient has a asOnable expectation that they will receive 3 Érant and the Trustees have agreed to pay the grant without condition. or the recipient ha5 a reaSonae expectation that they will receive a grant and any condition attathing to the grant is outside of the control of the Charity. 1.8 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. 10-
WORLDREADER NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Donations and lègacies Unrestritted funds Restrirted fund5 Total Unrestrictèd funds 2025 2025 2025 2024 Major Gifts & General Donations Corporate Giving I.000 IC.000 391 9,000 i(x),000 I(KI,OLK) 9,391 Charltable activlties Unrestrlcted Restrlcted Total Unrestrlcted fund5 fvnd funds 2025 2025 2025 2024 Grant funding of acbvitie515ee note 41 30,(KK) 30,IKKI 55,000 Support C05t5 (see note 61 Share of governance costs (see note 61 56 7.321 56 7.321 629 10.762 7.377 30.C 37.377 66,391 Grants Expenditure UnrÈstri£tÈd funds 2025 Restricted funds 2025 Total Unrestrictèd funds 2025 2024 Grants to institutions.. Grants to Worldreader Kenya 30,( 30,000 55,1XJO 30,)0 30,000 55,000 Taxation The Charity 15 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 charitsble object& 11
WORLDREADER NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support Costs Governance 2025 Support Costs Governance costs 2024 Bank charges Travel 56 56 129 129 51K) 500 Independent examination fee5 Accountancy 5,1)40 2.281 2.281 10,762 10,762 56 7.321 7.377 629 10,762 11.391 Trustees None of the Trustees lor any persons connected with them) leived any MuneratiOn. any expenses reimbursement or benefit5 from the Charity during the current or prior year. Employees The average number of employees in the year is nil12024= nill. Debtors 2025 2024 Amounts falllng due wlthln one year: Accrued income 66,000 io Credltors: amounts falllng due wlthln one year 2025 2024 Accruals 8,040 7,784 li Anal$ of net assets between funds Unrestricted funds 2025 Rèstritted fvnds 2025 Total UnrÈstrirtèd funds 2024 2025 Fund balances at 31 December 2025 are represented bv.. Actrued intome 66.000 66.000 23,412 18.0401 Cash at bank Accruals 19.412 18,0401 26,533 17,7841 11,372 70.000 81,372 18,749 12-
WORLDREADER NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 12 Analysis of funds Funds 31 Decembèr 2024 Intome Empènditure Funds 31 December 2025 Unrestricted funds 18.749 17.3771 11.372 Restricted funds 100.CrfKJ 70.CXJO Total 18.749 100.cKxJ 37.3771 81.372 Fund5 31 December 2023 Income Empenditure Funds 31 December 2024 Unrestricted funds 75,749 9,391 166,3911 18,749 Totsl 75.749 9.391 166.3911 18.749 Re5trirted fund5 relate5 to supporting Worldreader'5 global mi55ion by covering general operational costs for Worldreader Kenya. 13 Related party transactions During the year. £llJ).000 of restricted income was from a trustee IP Malinsonl to support activities in Kenya. £34.000 of this income was received in 2025 and there was a debtor balance at year end of £66,(W to be paid in 2026-2027. A resulting £30.(m12024'. £55.IXXJI grant was awarded to Worldreader Kenya. 13-