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2022-03-31-accounts

FOUNDAT 2022 ANNUAL REPORT & FINANCIAL STATEMENTS

REFERENCE & ADMINISTRATIVE DETAILS OF READ* UK, ITS TRUSTEES & ADVISERS

Registered name of the charity: READ Foundation: READ Foundation Victoria Court 376 Wilmslow Road Registered Charity Number: Manchester 1160256 M14 6AX United Kingdom Registered Company Number: Tel: +44 (0) 161 224 3334 09195667 Web: readfoundation.org.uk Email: info@readfoundation.org.uk

Trustees of READ UK during the period this report covers: Independent Auditors: Haroon Rashid Gardezi Jay & Company Usman Choudry Chartered Accountants and Statutory Auditors. Rizwan Rashid 4A The Avenue Yaqub Hussain Highams Park Sarah Salam London Asif Ansari Essex Saeed Mahmood E4 9LD Chief Executive Officer (CEO): Bankers: Jahangeer Akhtar National Westminster Bank PLC Dewsbury Branch 2 Northgate Dewsbury *READ is an acronym for “Rural West Yorkshire Education And Development” WF13 1EA

TABLE OF CONTENTS

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About Us 4-5
Message from the CEO 6-7
The Challenge 8-9
Where We Work 10-11
Looking After Vulnerable Orphans 12-19
Building High Achieving Schools 20-21
Opening Schools in Deprived Communities 22-23
A Shining Example 24-25
A Safe Haven in Dhaka, Bangladesh 26-27
Mobile Education: School in a Bus 28-29
Fundraising 30-31
Our Strategic Report 32-33
Our Vision, Mission & Values 34-35
Our Strategy 36-37
Our Organisational Priorities 38-39
Financial Review 38-39
Reserves Policy 38-39
Funding Allocation 38-39
Principal Risks and Uncertainties 40-43
Financial Report 44-81
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ANNUAL REPORT 2022 3

READ Foundation ensures boys and girls have the chance to get an education

ABOUT US EDUCATION WORKS

We believe in the power of education. It transforms lives, giving vulnerable communities a real route out of poverty. We work globally in places like Pakistan, Kashmir, Bangladesh, Lebanon, Turkey and Yemen.

All of our projects ensure that the educational empowerment of marginalised communities is part of their central design. We’re building and opening schools that provide an education to the world’s most vulnerable, setting up mobile classrooms in refugee camps and conflict zones, offering one-to-one sponsorships for orphaned children, setting up shelters for homeless children in impoverished communities, and this is just the beginning. We plan to help as many vulnerable children as we can through our intervention.

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MESSAGE FROM THE CEO

Assalamu’ Alaykum Wa Rahmatullahi Wabarakatu,

In the name of Allah, the Most Merciful and the Most Compassionate.

Every year that passes brings new challenges with it. The world has never seen so many people suffer globally. We are at a critical point where we need to support one another, especially in today’s climate. This is where our ethos of ‘Education Works’ plays its part. This is a banner and belief we hold true, because education works as a tool to help vulnerable communities out of poverty. I’ve seen it first-hand, looking into their eyes seeing drive and ambition. The children we support want to change the world and our donors give them the platform to do that.

Did you know that READ Foundation schools are some of the highest achieving schools in Pakistan?

This is truly a testament of the hard work and commitments of our teachers, support from our donors and the drive and determination of our students. This is the perfect mix to help alleviate poverty.

In the past year we’ve been able to build more schools, provide greater support for refugee children through our school in a bus, continue to provide a safe haven for street children in Bangladesh, ramp up our intervention in Yemen, support orphaned children and build high achieving schools in Kashmir and Pakistan. We have taken giant leaps as an organisation and we couldn’t have done it without the support of our donors.

May Allah (SWT) accept all our efforts to ease suffering around the world with sincerity, excellence and empowerment.

Jahangeer Akhtar CEO, READ Foundation

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THE CHALLENGE

Did you know that over 100 million children of primary and lower secondary age do not have access to a basic education?

The majority are the most vulnerable – children, who live within some of the most impoverished communities in the world and are being subjected to futures, that show no end to the vicious cycle of poverty.

With access to an education, everything changes. A good education means opportunities, income and dignity for all children – especially girls.

We are on a mission to end poverty by providing access to education to all children in the developing world. With the help of a passionate community of supporters, we are getting one step closer every single day.

We raised £7.3m this year!

With the extreme challenges we are all facing we had to adapt all of our projects. This meant we had to be more innovative in our approach and provide better solutions in implementing our projects.

SO FAR:

This year READ Foundation directly sponsored 3,769 orphans. We built more schools in rural and impoverished communities in Pakistan, refurbished and opened additional schools in Kashmir, funded our night shelters in Bangladesh (taking more children off the streets) and continued to fund our School in A Bus project to support refugee children in Lebanon and delivered winter aid in Yemen.

This all helps to continue our mission of providing education to as many underprivileged children in developing countries as possible.

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WE WORK

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WORKING IN KASHMIR,
PAKISTAN, LEBANON,
TURKEY, BANGLADESH
AND YEMEN
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Pakistan is home to over 4 million orphans

LOOKING AFTER VULNERABLE ORPHANS

This is core to our objectives and one of the longest running programmes at READ Foundation.

Serving children in countries across Asia and the Middle East, our orphan sponsorship programme provides support to orphaned children who have lost their father or both parents.

Out of the estimated 140 million orphans in the world, most live with a surviving parent or relative but the risk of becoming marginalised, destitute or exploited remains.

Our sponsorships are designed to help vulnerable children from early childhood to early adulthood. We provide them with all the tools they need to have a healthy start in life. We want to give them the opportunity to educate themselves and break free from the cycle of poverty.

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PAKISTAN & KASHMIR

This is where our orphan sponsorship programme began.

This is something we are passionate about delivering on, as the welfare of the most vulnerable is critical. We believe through the power of education we can build future leaders and change makers in the world. It starts with them changing their own situation.

Our programme ensures all orphans receive an education, school uniform, books and stationery. Additionally, a small stipend is given to the child’s family for extra support.

LEBANON

11 years into the Syrian crisis, Lebanon remains the country with the largest number of refugee children.

Currently we are providing education through innovation with our School in a Bus. This bus drives around the refugee camps in Beqaa, Lebanon and gives up to 300 children basic education every month. Due to the difficulties in establishing a solid structure of a school and geographical challenges of the camps, this solution allows us to provide valuable education to children who are growing up without any form of structured learning.

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BANGLADESH

Providing a safe haven for vulnerable street children.

Children in big cities often go under the radar, unnoticed. In Dhaka, Bangladesh due to the poor economic situation in the rural areas, many children are forced to go to Dhaka to work. This is where they are taken advantage of, forced into slavery, sex work and drug trafficking. Their lives go from bad to worse.

Our intervention provides a safe haven for the street children there. This beacon of hope provides food, shelter, a place to wash, read books, play and sleep. They also have someone to talk to about any issues they may have. This centre is invaluable for these children.

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YEMEN

We deliver change through multi-educational assistance for the most vulnerable in Yemen.

The UN reports that 80% of the population needs acute humanitarian aid, 12 million are vulnerable children. More than 20 million Yemenis are at risk of being forced into a life of poverty and famine.

The children of Yemen are battling against armed conflict, abuse, diseases, malnutrition, drought and poverty. They are deprived of education - their biggest defence in the fight for survival.

Our Emergency Multi-Educational programme creates a path to childhood learning, access to basic WASH needs, community cohesion and inclusion. The programme also supported three schools in Yemen, providing them with:

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An estimated 22.8 million children aged between 5 and 6 years old do not attend school.

BUILDING HIGH ACHIEVING SCHOOLS

An estimated 22.8 million children in Pakistan aged between 5-6yrs do not attend school. This represents 44% of the total population in this age group alone.

By constructing schools in Pakistan, we’re making education accessible to all children - especially those in the most isolated areas such as Kashmir, Gilgit-Baltistan, Punjab and other remote areas across Pakistan.

Every new school build is constructed in accordance to the regulations of the area. They include classrooms to accommodate hundreds of students, facilities that promote hygiene and sanitation in line with Core Humanitarian Standards (CHS) and a safe space for children.

Some of our high schools are equipped with the best facilities including an IT suite, science laboratories and libraries promoting the practice of both textbook and practical knowledge.

Our school programme focuses on Early Childhood Education (ECE) and takes the students through to college level, with our teachers trained to provide a quality education in line with the education curriculum at a government level.

We also ensure that our programme allows for extra-curricular activities, in order for students to develop interests and skills that can help them after graduation.

Through the development of school communities and improvement of school environments, we have seen an increase in enrolments, a reduction in dropouts and an increase in number of students graduating.

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OPENING SCHOOLS IN DEPRIVED COMMUNITIES

A more innovative and cost-effective approach, our Open a School programme operates out of rented buildings. This provides children a safe space to learn in places where there a is a lack of land or funds available to build a school.

Children often fail to attend schools due to a complete lack of access. They tend to live in areas that are too far from the only school in the nearest community.

Usually if they are lucky, the only schools that are operating are often in poor and dangerous conditions and lack the required number of classrooms and necessary facilities, such as boundary walls, latrines and wash facilities. Our Open a School programme focuses on refurbishing these rented premises that are closer to students so that distance and safety is no longer an issue, providing access to education facilities as we work towards meeting the Sustainable Development Goals (SDGs) for 2030.

The Sustainable Development Goals (SDGs) are a collection of 17 interlinked global goals, designed to be a “blueprint to achieve a better and more sustainable future for all”. The SDGs were set in 2015 by the United Nations (UN) General Assembly, and are intended to be achieved by the year 2030.

The premises are selected to accommodate an enrolment benchmark up to 35 children for each grade from playgroup to grade 2, with the potential to reach up to 350 students in total per school. As we aim to educate as many students as possible through this project. Children and students are not the only focus as we look to boost the local economy and empower community members by employing local educators. A total of 12 staff members per school are recruited with a minimum of five female professionals to promote opportunities for all.

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A SHINING EXAMPLE

The teachers feel privileged to be educating these children. Many of these children have left Syria without either of their parents, facing the fear of being alone in a refugee camp. The School in a Bus project gives them so much more than education. It gives them some form of routine, normality and most of all hope.

Mohamad is very ill with cancer and unfortunately had to stop going to the school in a bus, as his treatment was making him very sick. Mohamad’s determination to attend the school in a bus whilst being poorly was inspirational to his teacher. His teacher did everything he could to ensure Mohamad went to the graduation ceremony. Mohamad is so grateful to READ Foundation and the school in a bus project. Attending the bus every day took away his worries. He was able to forget he was ill and enjoy learning different subjects and doing different activities with his friends. The school in a bus gave him hope.

Life can go on if you have hope, you can get through the toughest of times. Mohamad is proof of that. READ Foundation gives the children in these refugee camps that hope, by providing them with a school in a bus.

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A SAFE HAVEN IN DHAKA, BANGLADESH

Around 450,000 children live on the streets of Dhaka, Bangladesh, as shown in a study carried out by the UN. With this number increasing every year, the rehabilitation of this group is becoming a clear challenge.

READ Foundation’s Night Shelters & Drop-in Centres are located in areas in Dhaka riddled with slums and shanty accommodation. The centres focus on safeguarding street children by giving them a safe space that shields them from dangers they could be exposed to – especially at night.

Through this facility, we’re also educating community members on the dangers posed to children in Bangladesh and, in particular, provide effective psychosocial support for children.

The children are also provided with vocational training, giving them a foundation for later life, so they no longer have to resort to child labour or in some cases child prostitution.

The overall objective of the Night Shelter is to provide shelter to girls aged 8-18, who have been exploited, forced into child labour or prostitution and are subject to physical and sexual abuse. The girls are provided with counselling, food, health care, clothes, toiletries and recreational opportunities to afford them a dignified life.

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MOBILE EDUCATION: SCHOOL IN A BUS

11 years after the Syrian crisis started, the education of refugee children is one of the most challenging underpromoted needs to date.

More than half of refugee children in Lebanon aged 3-18 years of age are still out of school and some have never even attended.

READ Foundation has been working with a partner on the ground implementing our School in a Bus project, which is a mobile classroom aimed at reaching 300 children aged 6-14 annually.

Educational supervisors and teachers equipped with supplies and kits to enhance teacher capacity and facilitate the programme, maintaining a safe and effective teaching environment were integral to the success of this project.

The programme teaches a Basic Literacy and Numeracy (BLN) programme specifically designed for refugee children in Bekaa camp areas and aligned with Lebanon’s educational standards.

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FUNDRAISING

Raising much needed funds!

Fundraising is never easy, especially when there’s a looming recession, the after effects of Brexit and the remnants of a global pandemic, which doesn’t seem to go away. The cost of living has gone up and this makes fundraising very difficult.

So there was really only one thing we could do and that was to just go for it. We held cycle challenges, dinners, treks and activities. We utilised our communities and pushed our engagement with our high-net worth donors, we pushed our campaigns online via various fundraising platforms and through our website too... and it really worked!

We raised an incredible £7.3 million for education. It really has been a collective effort from our team and it’s thanks to the generosity of our donors, that we were able to achieve this.

Fingers crossed we do even better next year!

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OUR STRATEGIC REPORT

Since 1994, READ Foundation has been addressing educational poverty.

Today, we run 390 schools in Pakistan with an ever-growing body of over 112,000 students and 5,948 teachers.

READ Foundation also imparts free education to over 12,500 orphan children.

More than 150,000 boys and girls have graduated from our schools in the last 27 years and are performing well in their chosen areas of further education or career.

Over the past few years READ Foundation has been expanding and establishing our projects into other parts of the world, serving communities in need. We have experience running education projects in Pakistan, Bangladesh, Lebanon, Syria, Turkey and Yemen.

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OUR VISION, MISSION & VALUES

OUR VISION

“Our vision is to see communities empowered through education.”

We believe an educated community is an empowered community. Empowered communities create opportunities for their people. This ensures a sustainable transformation in their societies.

OUR MISSION

“Our mission is to provide quality education for every child.”

We focus on children to enable the development of future generations. We ensure quality in order to produce change-makers. We reach the most vulnerable to provide opportunity for all.

OUR VALUES

“Our values are to ensure sustainability, focus, impact and Integrity.”

Sustainability: We develop the capability of people and thus build sustainability in our work. We will strive to ensure localisation in programme delivery and build the capacity of local stakeholders. We will embrace new technologies and innovation in our approach. Our ultimate goal is to ensure there is no dependency upon us.

Focus: We will maintain our focus on education in order to ensure our specialism and expertise.

Impact: We will strive to ensure the best possible impact of our programmes and continually monitor and evaluate our work in order to learn and adapt.

Integrity: We will ensure that we are principled in all we do and how we do it.

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OUR STRATEGY

We believe Education Works. It works as the foundation upon which a better future can be built. It works as the tool needed to realise opportunities. It works as the security to ensure sustainable development and self-reliance. So, we want to see a world where all children have the resources they need to make sure Education Works for them.

We call this the ABC of Education:

A – Ensuring ACCESS

We are working to ensure complete and equal access to education for both girls and boys around the world.

B – BUILDING Better

We are working to build and upgrade schools to give more facilities and opportunities to children around the world.

C – Developing COMPETENCY

We are working to grow the capacity and competency of the school communities to improve educational attainment and outcomes for children.

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FINANCIAL REVIEW

PRIORITIES

This year has been characterised by a greater diversity in spending compared to previous years. More funds are being delivered outside of Pakistan, for varying projects, allowing us to have a broader reach in delivering aid.

We have started projects for Street Children in Bangladesh, as well as Emergency Education projects in refugee camps. As a result, we are able to give more orphans and needy children access to a better quality of education, thereby improving their chances of a brighter future.

There has also been an increase in field visits by school build donors. These donors have travelled out to Pakistan/Kashmir to view at first-hand READ’s work and attend the opening ceremony of their school. This has resulted in positive feedback and word of mouth promotion to their network of family and friends.

We are constantly working on improving our work, diversifying our programmes and beneficiaries and working to improve the implementation and quality of our projects.

RESERVES POLICY

The Trustees have resolved to maintain a reserve fund of £300,000 as working capital to meet core operating costs and any liabilities.

This allows READ UK to meet any immediate demands on its resources and gives READ UK the working capital to respond quickly to the need to generate income in situations such as providing immediate relief in humanitarian emergencies.

The ability to maintain reserves at the appropriate levels on an on-going basis is now assisted by the improved cash-flows that READ UK benefits from, in particular the regular Direct Debit income.

FUNDING ALLOCATION

In Financial Year 2021-2022 the Trustees allocated funding to the following projects:

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PRINCIPAL RISKS AND UNCERTAINTIES

The trustees have during the year considered the material risks facing the charity and have put in place mitigating controls to address those risks. The continuing success of the charity is dependent on continuing to receive sufficient support and donations from the community. Trustees mitigate this risk by ensuring that income and expenditure are closely monitored and reviewed.

The principal risks to READ Foundation have been identified as:

Risk

Compliance with legislation and regulations. Consideration of law and regulations general e.g. Health & Safety, Equal Opportunities OR specific to READ Foundation’s work.

Mitigation

GOVERNANCE AND COMPLIANCE:

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Risk Mitigation
The charity lacks direction, • Creation of a strategic plan which sets out the key aims, objectives
strategy and forward and policies.
planning. • Creation of financial plans and budgets.
• Use of job plans and targets.
• Monitoring of financial and operational performance.
• Feedback from beneficiaries and funders.
Board of Trustees • Consider the structure of the Board and their independence.
dominated by one or • Mechanisms agreed to deal with potential conflicts of interest.
• Procedural framework for meetings and recording decisions.
two individuals, or by
connected individuals.
Trustees are benefiting • Ensure legal authority for payment or benefit.
from charity (e.g. • Terms and procedures to authorise/approve expenses and payments.
• Procedures and methods to establish fair remuneration conducted
remuneration).
separately from “interested” trustee, e.g. remuneration committee /
benchmarking exercise.
Conflicts of interest. • Understanding of trust law.
• Protocol for disclosure of potential conflicts of interest.
• Procedures for standing down on certain decisions.
Organisational structure. • Organisation chart and clear understanding of roles and duties.
• Delegation and monitoring consistent with good practice and constitutional
or legal requirements.
• Review of structure and constitutional change.
Activities potentially • Protocol for reviewing new projects to ensure consistency with objects,
outside objects, powers powers and terms of funding.
or terms of gift (restricted • Financial systems to identify restricted funds and their application.
funds).
Reporting to trustees • Proper strategic planning, objective setting and budgeting processes.
(accuracy, timeliness and • Timely and accurate project reporting.
relevance). • Timely and accurate financial reporting.
• Proper project assessment and authorisation procedures.
• Regular contact between trustees and their managers.
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FINANCE AND OPERATIONS:

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Risk Mitigation
Budgetary control and • Budgets linked to business planning and objectives.
Financial reporting • Timely and accurate monitoring and reporting.
• Proper costing procedures for product or service delivery.
• Adequate skills base to produce and interpret budgetary and
financial reporting.
• Procedures to review and action budget/cash flow variances.
Reserves policies • Reserves policy linked to business plans, activities and identified financial
and operating risk.
• Regular review of policy.
Cash flows sensitivity • Adequate cash flow projections (prudence of assumptions).
• Identification of major sensitivities.
Dependency on income • Identification of major dependencies.
sources • Adequate reserves policy.
• Diversification plans.
Fraud or error • Financial control procedures.
• Segregation of duties.
• Authorisation limits.
• Security of assets.
• Insurable risks.
Volunteers • Assessment of role, competencies.
• Vetting procedures.
• Training and supervision procedures.
• Development and motivation.
Disaster recovery and • Recovery plan.
planning • Data back-up procedures and precautions.
• Insurance cover.
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REPUTATION AND EXTERNAL ENVIRONMENT:

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Risk Mitigation
Breach of GDPR in • Ensure all Opt In information is collated, up to date and accurate.
contacting donors • Ensure all relevant staff are trained.
Influencer makes • All messaging related to the campaign for influencers to be provided by
inappropriate remarks/ READ Foundation only.
actions
Negative publicity about • Ensure all messaging is related to humanitarian agenda.
Pakistan in general
READ Foundation • Strict adherence to Code of Conduct and HR practices.
employee involved in
misconduct publicly
Public perception • Communication with supporters and beneficiaries.
• Quality financial, annual report and review reporting.
Government Policy • Monitoring of proposed legal and regulatory changes.
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PROGRAMMES AND SAFEGUARDING:

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Risk Mitigation
Lack of reliability of • Follow READ Foundation’s Due Diligence framework to vet new
implementing/ funding potential partners.
partner
Projects not in line with • Ensure READ Foundation’s overall strategy and Programmes Departmental
READ Foundation’s overall Strategy are communicated to Programmes’ staff.
strategy
‘Scope creep’ on projects • Clear parameters from the start to strengthen project scope.
• Agreed project scope and it is communicated with relevant stakeholders
from the beginning.
• Scheduled regular progress check-ins to ensure all projects stay in line with
the original project scope.
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Risk Mitigation
Performance risk on • Anticipated and identified potential performance risks early on in the
projects planning process.
• Followed processes in real time, plan projects thoroughly, and promote
open communication between relevant team members.
Cost risk on projects • Produced accurate estimate for each element of a project and ensure strict
following of the budget.
• Produced detailed project plan is created for all large projects which are
aligned on deliverables, scope, and schedule.
• Planned regular check-ins to review budget for all projects.
Time risk on projects • Accurately estimated the time needed to complete tasks in the planning
phase and build in time contingency.
• For large projects produced projects schedules using a Timeline or
Gantt chart.
Resource risk on projects • The best use of team resources while maximising resource impact by
allocating resource early in project planning and creating a resource
allocation plan.
Security risk in project • Continue to monitor the security situation.
delivery area • Given emergency and disaster risk training to all staff.
• Having a focal point at each school who will be linked into local networks,
be aware of security situations in coordination with head teachers and help
mitigate risks.
Lack of safeguarding • Develop and deliver training to all relevant staff about individual and
culture collective obligations and responsibilities for safeguarding children.
• Develop strategies to deliver appropriate education about standards of
behaviour expected of all staff in regards to safeguarding of children.
• Conduct periodic reviews of the effectiveness of the child safety risk
management strategies put into practice and, if considered appropriate,
revise those strategies if required.
Lack of reporting on • Train students and staff to detect inappropriate behaviour.
domestic/field offices/ • Develop and deliver training to staff, volunteers and regular contractors
implementing partner regarding what to do when an allegation of child abuse is made.
projects child safety issues • Inclusion of child safety obligations in staff position descriptions.
• Insist on safeguarding training of relevant staff and reporting on safeguarding
issues as mandatory requirements of any MoU & Funding agreements with
implementing partner organisations.
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ANNUAL REPORT 2022 43

REPORT AND ACCOUNTS

31 MARCH 2022

STATEMENTS

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Independent Auditors’ Report 46 - 51
Funds Statements:-
Statement of Financial Activities 52
Statement of Financial Activities - Prior Year 53
Movements in funds 54
Revenue funds 54
Fixed Asset funds 54
Summary of funds 54
Income and Expenditure account 55
Balance sheet 56 - 57
Cash flow statement 58 - 59
Notes to the accounts 60 - 68
Detailed Analysis of Income & Expenditure 69 - 78
Activity Analysis of Income & Expenditure 79 - 81
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FINANCIAL STATEMENTS 2022 45

READ FOUNDATION

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 March 2022

Opinion

We have audited the financial statements of READ FOUNDATION for the year ended 31 March 2022, as set out on pages 52 to 81 , which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Balance Sheet , the Cash Flow Statement and the related notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements of the charitable company are prepared, in all material respects, in accordance with the Companies Act 2006 and with charity law applicable within the jurisdiction of England & Wales and, in particular, the accounts have been prepared in accordance with FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, under the historical cost convention, and in accordance with the accounting policies set out on page 1 5 , which framework constitutes the applicable United Kingdom Generally Accepted Accounting Practice.

In our opinion, the accompanying charitable company's financial statements:

READ FOUNDATION

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 March 2022

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Basis for our opinion

We have been appointed as auditors under section 144(2) of The Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (ISAs-UK), issued by the Financial Reporting Council, and applicable law. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in England & Wales, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

As described on page 57 , you, the charitable company's Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with the Companies Act 2006, the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.

The Trustees,who are charged with governance, are responsible for overseeing the charitable company’s financial reporting process.

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FINANCIAL STATEMENTS 2022 47

READ FOUNDATION

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 March 2022

Management is responsible for the preparation of the financial statements in accordance with charity law of the jurisdiction of England & Wales and for such internal control as management determines 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, management is 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 management either intends to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs-UK will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our responsibility is to audit and express an opinion on the financial statements in accordance with relevant legal and regulatory requirements and ISAs-UK. Those standards require us to comply with the Ethical Standards for Auditors published by the Financial Reporting Council and to:-

READ FOUNDATION

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 March 2022

In addition, we read all the financial and non-financial information in the Trustees' Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

We conducted our audit in accordance with ISAs-UK and in accordance with the Practice Note ' The Audit of Charities in the United Kingdom', revised in November 2017.

We are required to plan and perform our audit so as to meet the above requirements and to obtain all the information and explanations which we consider necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error.

In the course of our audit, we communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during the audit.

Eligibilty of auditor and status of audit

We confirm that we are eligible under section 144(2) of the Charities Act 2011 to conduct this audit, and that this report is a report in respect of an audit carried out under the Act and in accordance with the related regulations.

Attention is drawn to the accounting policy stating that, not with standing the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, and in order to accord with current best practice, the Trustees have determined to prepare the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP). We concur with this approach and any references in our report to the regulations should be read subject to this comment.

We are required to report to the Trustees our opinion as to whether the financial statements give a true and fair view and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the Charities (Accounts and Reports) Regulations 2008.

We are also required to report to you if, in our opinion, the Trustees' Annual Report is materially inconsistent with the financial statements, if the charitable company has not kept adequate accounting records, if the charitable company’s financial statements are not in agreement with the accounting records and returns, or if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Trustees' remuneration and transactions with the charitable company is not disclosed.

48 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 49

READ FOUNDATION

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 March 2022

READ FOUNDATION

Independent Auditors' Report to the Trustees of the charitable company on the accounts for the year ended 31 March 2022

Capability of the audit in detecting irregularities, including fraud

Matters upon which we are required to report by exception

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

If information specified by law regarding Trustees' remuneration and transactions with the charity is not disclosed.

Use of our report

This report is made solely to the Trustees of the charitable company, as a body, in accordance with the requirements of Section 154 of the Charities Act 2011 (The Act) and Chapter 3 of Part 16 of the Companies Act 2006. Our work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume liability or responsibility to anyone other than the Trustees as a body, for our work, for this report or for the opinions we have formed.

Signed:-

MR P. JAYAWARDENE - Senior Statutory Auditor

For and on behalf of Gardezi Jay & Company

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Chartered Accountants and Statutory Auditors

4A The Avenue Highams Park London E4 9LD

This report was signed on 24th November 2022

50 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 51

READ FOUNDATION - Statement of Financial Activities for the year ended 31 March 2022

READ FOUNDATION - Statement of Financial Activities for the year ended 31 March 2022

Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 March 2022, as required by the Companies Act 2006)
Current year
Unrestricted
Funds
2022
£
Income & Endowments from:
Donations & Legacies
A1
1,394,528
Charitable activities
A2
13,403
Investments
A4
1,939
Other - Furlough claims
A5
4,908
Total income
A
1,414,778
Expenditure on:
Raising funds
B1
-
Charitable activities
B2
617,395
Total expenditure
B
617,395
Net income for the year
797,383
Net income after transfers
A-B-C
797,383
797,383
Reconciliation of funds:-
E
Total funds brought forward
2,130,406
Total funds carried forward
2,927,789
SORP
Ref
Net movement in funds		 Current year
Restricted
Funds
2022
£
5,893,505
-
-
-
5,893,505
1,034,460
3,748,510
4,782,970
1,110,535
1,110,535
1,110,535
(151,319)
959,216		 Current year
Total Funds
2022
£
7,288,033
13,403
1,939
4,908
7,308,283
1,034,460
4,365,905
5,400,365
1,907,918
1,907,918
1,907,918
1,979,087
3,887,005		 Prior Year
Total Funds
2021
£
5,334,393
540
2,325
32,007
5,369,265
584,076
4,344,826
4,928,902
440,363
440,363
440,363
1,538,724
1,979,087

The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.

READ FOUNDATION - Analysis of prior year total funds, as required by paragraph 4.2 of the SORP


the SORP
Income & Endowments from:
Donations & Legacies
A1
Charitable activities
A2
Investments
A4
Other - Furlough claims
A5
Total income
A
Expenditure on:
Raising funds
B1
Charitable activities
B2
Total expenditure
B
Net income for the year
Net income after transfers
Total funds brought forward
Total funds carried forward
Net movement in funds
SORP
Ref		 Prior Year
Unrestricted
Funds
2021
£
958,479
540
2,325
32,007
993,351
1,305
438,295
439,600
553,751
553,751
553,751
1,576,655
2,130,406
 Prior Year
Restricted
Funds
2021
£
4,375,914
-
-
-
4,375,914
582,771
3,906,531
4,489,302
(113,388)
(113,388)
(113,388)
(37,931)
(151,319)		 Prior Year
Total Funds
2021
£
5,334,393
540
2,325
32,007
5,369,265
584,076
4,344,826
4,928,902
440,363
440,363
440,363
1,538,724
1,979,087

All activities derive from continuing operations

A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.

The notes attached on pages 60 to 81 form an integral part of these accounts.

All activities derive from continuing operations

The notes attached on pages 60 to 81 form an integral part of these accounts.

52 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 53

READ FOUNDATION - Resources applied in the year ended 31 March 2022 towards fixed assets for Charity use:-


assets for Charity use:-
Funds generated in the year as detailed in the SOFA
Resources applied on functional fixed assets
Net resources available to fund charitable activities		 2022
£
1,907,918
(1,639)
1,906,279		 2021
£
440,363
(1,529)
438,834

Movements in revenue and capital funds for the year ended 31 March 2022

Revenue accumulated funds
Unrestricted
Funds
2022
£
Accumulated funds brought forward
2,130,406
797,383
2,927,789
Closing revenue funds
2,927,789
Summary of funds
Unrestricted
and
Designated funds
2022
£
Revenue accumulated funds
2,927,789
Total funds
2,927,789
Recognised gains and losses before
transfers		 Restricted
Funds
2022
£
(151,319)
1,110,535
959,216
959,216
Restricted
Funds
2022
£
959,216
959,216		 Total
Funds
2022
£
1,979,087
1,907,918
3,887,005
3,887,005
Total
Funds
2022
£
3,887,005
3,887,005		 Last year
Total Funds
2021
£
1,538,724
440,363
1,979,087
1,979,087
Last Year
Total Funds
2021
£
1,979,087
1,979,087

READ FOUNDATION

Income and Expenditure Account for the year ended 31 March 2022 as required by the Companies Act 2006

Income
Income from operations
Refunds from HMRC on gift aided donations
Income from investments, other than interest receivable
Other operating income (Furlough claims)
Gross income in the year before exceptional items
Gross income in the year including exceptional items
Expenditure
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Fundraising costs
Governance costs
Total expenditure in the year
Tax on surplus on ordinary activities
Retained surplus for the financial year
All activities derive from continuing operations
Net income after tax in the financial year
Net income before tax in the financial year
Investment income		 2022
£
6,779,770
521,666
1,939
4,908
7,308,283
7,308,283
4,353,206
7,299
1,034,460
5,400
5,400,365
1,907,918
-
1,907,918
1,907,918		 2021
£
4,932,906
402,027
2,325
32,007
5,369,265
5,369,265
4,330,526
10,087
584,076
4,213
4,928,902
440,363
-
440,363
440,363

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.

����������������������������60��� 81�����������������������������������������

����������������������������60����81�����������������������������������������

54 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 55

READ FOUNDATION - Balance Sheet as at 31 March 2022

READ FOUNDATION - Balance Sheet as at 31 March 2022

Note
SORP
Ref
Fixed assets
A
Tangible assets
12
A2
Total fixed assets
Current assets
B
Debtors
13
B2
Cash at bank and in hand
B4
Total current assets
Creditors: amounts falling due within
one year
14
C1
Net current assets
The total net assets of the charity
414,332
4,327,972

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The charity is subject to audit under charity legislation, and the report of the Charities Act auditor is on page s 1 to 6 .

The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

HAROON RASHID

Trustee

Approved by the board of trustees on 12th September 2022

The total net assets of the charity are funded by the funds of the charity, as follows:-

The notes attached on pages 60 to 81 form an integral part of these accounts.

Restricted funds

Restricted Revenue Funds
18
D2
959,216
Unrestricted Funds
Unrestricted Revenue Funds
18
D3
2,927,789
Designated Funds
Total charity funds		 (151,319)
959,216
(151,319)
2,130,406
2,927,789
2,130,406
3,887,005
1,979,087		 (151,319)
959,216
(151,319)
2,130,406
2,927,789
2,130,406
3,887,005
1,979,087
1,979,087

56 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 57

Cash Flow Statement for the year ended 31 March 2022 �������������

READ FOUNDATION

READ FOUNDATION

Cash Flow Statement for the year ended 31 March 2022

Cash flows from operating activities
A
Cash flows from investing activities
Other investment income, including rents from investments
Purchase of property, plant and equipment
Net cash provided by investing activities
B
Cash flows from financing activities
Net cash provided by operating activities as shown below		 2022
£
2,157,838
1,939
(1,639)
300
-		 2021
£
588,587
2,325
(1,529)
796
-
Net cash provided by financing activities
C
-
Overall cash provided by all activities
2,158,138
Cash movements
Change in cash and cash equivalents from activities in the
year ended 31 March 2022
2,158,138
Cash and cash equivalents at 1 April 2021
2,169,834
4,327,972
A+B+C
Cash at bank and in hand less overdrafts at 31 March		 -
589,383
589,383
1,580,451
2,169,834

Reconciliation of net income to net cash flow from operating activities

Net income as shown in the Statement of Financial Activities
Adjustments for :-
Depreciation charges
Dividends, interest and rents from investments
Decrease in debtors
Increase in creditors, excluding loans
Net cash provided by operating activities
A
Analysis of cash and cash equivalents
Cash in hand at for the year ended 31 March 2022
Total cash and cash equivalents
At start
of year
Cash
2,169,834
Total
2,169,834
Analysis of change in net debt		 1,907,918
7,299
(1,939)
(111,031)
355,591
2,157,838
2022
£
4,327,972
4,327,972
Cash
Flows
2,158,138
2,158,138		 440,363
10,087
(2,325)
(94,854)
235,316
588,587
2021
£
2,169,834
2,169,834
At end
of year
4,327,972
4,327,972

58 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 59

READ FOUNDATION

Notes to the Accounts for the year ended 31 March 2022

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , effective January 2016, and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.

Going Concern

The charitable activities are entirely dependent on continuing grant aid and voluntary donations. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern.

Risks and future assumptions

The charity is a public benefit entity.

Policies relating to categories of income and income recognition.

Nature of income

READ FOUNDATION

Notes to the Accounts for the year ended 31 March 2022

Accounting for deferred income and income received in advance

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.

When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned, and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.

Gross income represents the value of donations received from donors.

Income recognition

Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Allocating costs to activities

Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.

The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is :-

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

Staffing - on the basis of time spent in connection with any particular activity.

Staffing - on a per capita basis, based on the number of of people employed within any partiular activity.

Premises related costs - on the proportion of floor area occupied by a particular activity.

Non specific support costs - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.

However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note 5.

60 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 61

READ FOUNDATION

Notes to the Accounts for the year ended 31 March 2022

Policies relating to assets, liabilities and provisions and other matters.

READ FOUNDATION

Notes to the Accounts for the year ended 31 March 2022

6 Staff costs and emoluments

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.

33 % reducing balance

Plant and machinery

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Financial instruments including cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

2 Liability to taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.

3 Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

4 Net surplus before tax in the financial year

The net surplus before tax in the financial year is stated after charging:-
Depreciation of owned fixed assets
Pension costs
Auditors' remuneration		 2022
£
7,299
16,662
5,400		 2021
£
10,087
14,958
4,213
Salary costs
2022
£
Gross Salaries excluding trustees and key management personnel
701,128
Employer's National Insurance for all staff
61,686
Employer's operating costs of defined
contribution pension schemes
16,662
Total salaries, wages and related costs
779,476
Numbers of full time employees or full time equivalents
2022
The average number of total staff employed in the year was
21
The estimated full time equivalent number of all staff employed in the year was
21
The estimated equivalent number of full time staff deployed in different activities in the year was:-
Engaged on charitable activities
21
The estimated full time equivalent number of all staff employed as above
21
The number of employees whose emoluments including taxable benefits but excluding
employer's pension contributions fall into the following bands were :-
2022
£
£60,001 to £70,000
1
1
Neither the trustees nor any persons connected with them have received any remuneration from the charity
entity, either in the current or prior year.		 2022
£
701,128
61,686
16,662		 2021
£
602,632
52,376
14,958
779,476 669,966
2022
21		 2021
29
29
29
21 29
2021
£
1
or any related
1 1

7 Defined contribution pension schemes

The charity operates a defined contribution pension scheme, using NEST as pension provider.

Any liabilites and assets associated with the scheme are shown under debtors and creditors.

8 Remuneration and payments to Trustees and persons connected with them

5 The contribution of volunteers

No trustees or persons connected with them received any remuneration from the charity, or any related entity.

The volunteers work tirelessly to achieve the goals of the charity and their contributions cannot be measured.

62 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 63

READ FOUNDATION

Notes to the Accounts for the year ended 31 March 2022

9 Trustees' expenses

No trustee expenses were incurred, either in the current or prior year.

The amount reimbursed to trustees 2022
£
-		 2021
£
-
- -

10 Deferred income - Restricted funds
Current Year
Action for Humanity
Gotriala School
������� ��� ���� �������
Total
These deferrals are included in creditors
Prior Year
Action for Humanity
Gotriala School
Total
These deferrals are included in creditors		 Opening
Deferrals
£
54,609
30,000
-		 Released
from prior
years
£
(54,609)
(30,000)
-		 Received
less released
in year
£
-
-
425,115		 Deferred
at year end
£
-
-
425,115
84,609 (84,609) 425,115 425,115
Opening
Deferrals
£
-
-		 Released
from prior
years
£
-
-		 2022
£
425,115		 2021
£
84,609
Received
less released
in year
£
54,609
30,000		 Deferred
at year end
£
54,609
30,000
- - 84,609 84,609
2021
£
84,609		 2,020
£
-

READ FOUNDATION

Notes to the Accounts for the year ended 31 March 2022

12 Tangible fixed assets

Current Year
Cost
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
Prior Year
Cost
01 April 2020
Additions
31 March 2021
Depreciation
01 April 2020
Charge for the year
31 March 2021
Net book value
31 March 2021
31 March 2020		 Land and
Buildings
£
-
-		 Plant &
Machinery
£
59,556
1,639		 Motor
Vehicles
£
-
-		 Total
£
59,556
1,639
- 61,195 - 61,195
-
-		 39,076
7,299		 -
-		 39,076
7,299
- 46,375 - 46,375
- 14,820 - 14,820
- 20,480 - 20,480
Land and
Buildings
£
-
-		 Plant &
Machinery
£
58,027
1,529		 Motor
Vehicles
£
-
-		 Total
£
58,027
1,529
- 59,556 - 59,556
-
-		 28,989
10,087		 -
-		 28,989
10,087
- 39,076 - 39,076
- 20,480 - 20,480
- 29,038 - 29,038

The deferrals included in creditors relate to funding specified by the funders as relating to specific periods and represent those parts of restricted funds which relate to periods subsequent to the accounting year end and are treated as grants in advance, or, alternatively, where there are conditions which must be fulfilled prior to entitlement or use of the restricted funds by the charity.

11 Heritage assets not included in the accounts

There are no Heritage assets.

64 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 65

READ FOUNDATION

Notes to the Accounts for the year ended 31 March 2022

Notes to the Accounts for the year ended 31 March 2022
13 Debtors
Prepayments and accrued income
Other debtors
Defined contribution pension scheme prepaid by less than one year
14 Creditors: amounts falling due within one year
Accruals
Deferred Income - Restricted funds
PAYE, NIC VAT and other taxes
Other creditors
Defined contribution pension scheme liabilities due within one year
15 Income and Expenditure account summary
At 1 April 2021
Surplus after tax for the year
At 31 March 2022		 2022
£
189,131
225,201		 2021
£
187,130
116,171
414,332 303,301
- -
2022
£
5,400
425,115
17,526
420,522		 2021
£
4,213
84,609
14,354
409,835
868,563 513,011
1,556 1,517
870,119 514,528
2022
£
1,979,087
1,907,918		 2021
£
1,538,724
440,363
3,887,005 1,979,087

READ FOUNDATION

Notes to the Accounts for the year ended 31 March 2022

18 Change in total funds over the year as shown in Note 17 , analysed by individual funds

Unrestricted and designated funds:-
Unrestricted Revenue Funds
Total unrestricted and designated funds
Restricted funds:-
Donations & Legacies
Cost of raising funds
Expenditure on charitable activities
Total restricted funds
Total charity funds		 Funds brought
forward from
2021
£
2,130,406		 Movement in
funds in 2022
See Note 19
£
797,383		 See Note 0
£
-
Transfers
between
funds in 2022		 Funds carried
forward to
2023
£
2,927,789
2,130,406 797,383 - 2,927,789
(151,319)
-
-		 5,893,505
(1,034,460)
(3,748,510)		 -
-
-		 5,742,186
(1,034,460)
(3,748,510)
(151,319) 1,110,535 - 959,216
1,979,087 1,907,918 - 3,887,005

16 No related party transactions

There were no transactions with related parties in the year.

17 Particulars of how particular funds are represented by assets and liabilities

At 31 March 2022
Tangible Fixed Assets
Current Assets
Current Liabilities
At 1 April 2021
Tangible Fixed Assets
Current Assets
Current Liabilities		 Unrestricted
funds
£
14,820
3,783,088
(870,119)		 Designated
funds
£
-
-		 Restricted
funds
£
-
959,216
-		 Total
Funds
£
14,820
4,742,304
(870,119)
2,927,789 - 959,216 3,887,005
Unrestricted
funds
£
20,480
2,624,454
(514,528)		 Designated
funds
£
-
-
-		 Restricted
funds
£
-
(151,319)
-		 Total
Funds
£
20,480
2,473,135
(514,528)
2,130,406 - (151,319) 1,979,087

66 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 67

READ FOUNDATION

Notes to the Accounts for the year ended 31 March 2022

READ FOUNDATION

Detailed analysis of income and expenditure for the year ended 31 March 2022 as required by the SORP 2015

19 Analysis of movements in funds over the year as shown in Note 18

Unrestricted and designated funds:-
Unrestricted Revenue Funds
Restricted funds:-
Donations & Legacies
Cost of raising funds
Expenditure on charitable activities		 Income
2022
£
1,414,778
5,893,505
-
-		 Expenditure
2022
£
(617,395)
-
(1,034,460)
(3,748,510)		 Other
Gains &
Losses
2022
£
-
-
-
-		 Movement
in funds
2022
£
797,383
5,893,505
(1,034,460)
(3,748,510)
7,308,283 (5,400,365) - 1,907,918

20 The purposes for which the funds as

Unrestricted and designated funds:-

These funds are held for meeting the objectives of the charity, and to provide reserves for future activities, and, subject to charity legislation, are free from all restrictions on their use.

Unrestricted Revenue Funds

This fund represents the unrestricted surplus arising on the revaluation of the charity's assets.

Unrestricted Revaluation Reserve

Restricted funds:-

The purpose of these funds is described under the accounting policy 'Accounting for capital grants and fixed asset funds'. This fund represents the restricted surplus arising on the revaluation of the charity's assets.

Restricted Fixed Asset Funds

Restricted Revaluation Reserve

Restricted for the purpose restricted by the donor. Donations & Legacies

21 Ultimate controlling party

The charity is under the control of its legal members.

This analysis is classsified by conventional nominal descriptions and not by activity.

22 Donations, Grants and Legacies

Donations, Grants and Legacies
Current year
SOFA ref
Donations and gifts from individuals
Individual Donation > £1,000 less than £5,000
Individual Donation > £5,000 less than £10,000
Individual Donation > £10,000 less than £50,000
Individual Donation > £50,000 less than £100,000
Individual Donation > £100,000 less than £1,000,000
Total donations and gifts from
individuals
A1
Refunds from HMRC on gift aided donations
Small donations individually less than £1000		 Current year
Unrestricted
Funds
2022
£
626,072
521,666
179,600
14,665
52,525
-
-		 Current year
Restricted
Funds
2022
£
2,667,319
-
1,049,610
307,052
650,109
265,947
953,468
5,893,505		 Current year
Total Funds
2022
£
3,293,391
521,666
1,229,210
321,717
702,634
265,947
953,468
7,288,033		 Prior Year
Total Funds
2021
£
2,942,765
402,027
588,682
151,414
809,350
290,608
149,547
1,394,528 5,334,393

All the donations and gifts in the prior year were unrestricted and restricted.

Donations and gifts from individuals (Include HMRC refunds on gift aided donations) - Prior Year analysis

Prior Year
Prior Year
Prior year
SOFA ref
Unrestricted
Funds
Restricted
Funds
2021
2021
£
£
485,752
2,457,013
402,027
-
Individual Donation > £1,000 less than £5,000
50,162
538,520
Individual Donation > £5,000 less than £10,000
20,538
130,876
Individual Donation > £10,000 less than £50,000
-
809,350
Individual Donation > £50,000 less than £100,000
-
290,608
Individual Donation > £100,000 less than £1,000,000
-
149,547
Total donations and gifts from
individuals
A1
958,479
4,375,914
Total Donations, Grants and Legacies
Current year
SOFA ref
Unrestricted
Funds
Restricted
Funds
2022
2022
£
£
Total Donations, Grants and
Legacies
A1
1,394,528
5,893,505
All the donations and gifts in the prior year were unrestricted and restricted.
Prior year
SOFA ref
Unrestricted
Funds
Restricted
Funds
2021
2021
£
£
Total Donations, Grants and
Legacies
A1
958,479
4,375,914
Small donations individually less than £1000
Refunds from HMRC on gift aided donations		 Prior Year
Unrestricted
Funds
2021
£
485,752
402,027
50,162
20,538
-
-
-		 Prior Year
Restricted
Funds
2021
£
2,457,013
-
538,520
130,876
809,350
290,608
149,547
4,375,914		 Prior Year
Total Funds
2021
£
2,942,765
402,027
588,682
151,414
809,350
290,608
149,547
5,334,393		 Prior Year
Total Funds
2021
£
958,479
Unrestricted
Funds
2022
£		 Current Year
Total Funds
2022
£
7,288,033
Prior Year
Total Funds
2021
£
5,334,393
1,394,528 5,334,393

68 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 69

READ FOUNDATION

Detailed analysis of income and expenditure for the year ended 31 March 2022 as required by the SORP 2015

23 Income from charitable activities - Trading Activities

Current year
Current year
SOFA ref
Unrestricted
Funds
2022
£
Primary purpose and ancillary trading
13,403
13,403
Prior Year
Prior year
SOFA ref
Unrestricted
Funds
2021
£
Primary purpose and ancillary trading
540
Total Primary purpose and ancillary trading
540
Current year
Current year
SOFA ref
Unrestricted
Funds
2022
£
Total income from charitable trading
13,403
Total from charitable activities
A2
13,403
Income from charitable activities - Prior Year analysis
Prior Year
Prior year
SOFA ref
Unrestricted
Funds
2021
£
Total income from charitable trading
540
Total from charitable activities
A2
540
Total Primary purpose and ancillary
trading
Ticket Sales
Ticket Sales
Total Income from charitable activities		 Current year
Unrestricted
Funds
2022
£
13,403		 Current year
Restricted
Funds
2022
£
-
-
Prior Year
Restricted
Funds
2021
£
-
-
Current year
Restricted
Funds
2022
£
-
-
Prior Year
Restricted
Funds
2021
£
-
-		 Current year
Total Funds
2022
£
13,403
13,403
Prior Year
Total Funds
2021
£
540
540
Current year
Total Funds
2022
£
13,403
13,403
Prior Year
Total Funds
2021
£
540
540		 Prior Year
Total funds
2021
£
540
13,403 540
Prior Year
Unrestricted
Funds
2021
£
540		 Prior Year
Total Funds
2021
£
540
540
Current year
Unrestricted
Funds
2022
£
13,403
13,403 540
540

24 Total Income from charitable activities

READ FOUNDATION

Detailed analysis of income and expenditure for the year ended 31 March 2022 as required by the SORP 2015

25 Investment income

Investment income
Current year
SOFA ref
Other Investment Income
Total investment income
A4
Investment income - Prior Year analysis
Prior Year
SOFA ref
Other Investment Income
Total investment income
A4
Other income and gains
Current year
SOFA ref
Total other income
A5
Other income and gains - Prior year analysis
Prior Year
SOFA ref
Total other income
A5
HMRC - Furlough claims
HMRC - Furlough claims		 Current year
Unrestricted
Funds
2022
£
1,939		 Current year
Restricted
Funds
2022
£
-
-
Restricted
Funds
2021
£
-
-
Current year
Restricted
Funds
2022
£
-
-
Prior Year
Restricted
Funds
2021
£
-
-		 Current year
Total Funds
2022
£
1,939
1,939
Total Funds
2021
£
2,325
2,325
Current year
Total Funds
2022
£
4,908
4,908
Prior Year
Total Funds
2021
£
32,007
32,007		 Prior Year
Total Funds
2021
£
2,325
1,939 2,325
Unrestricted
Funds
2021
£
2,325		 Prior Year
Total Funds
2021
£
32,007
2,325
Current year
Unrestricted
Funds
2022
£
4,908
4,908 32,007
Prior Year
Unrestricted
Funds
2021
£
32,007
32,007

26 Other income and gains

70 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 71

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Detailed analysis of income and expenditure for the year ended 31 March 2022 as required by the SORP 2015

27 Expenditure on charitable activities - Direct spending

Current Year
SOFA ref
Total direct spending
B2a
All the expenditure in the prior year was unrestricted and
Prior Year
SOFA ref
Total direct spending
B2a
Defined contribution pension costs -
charitable activities
Training and welfare - staff
Recruitment Expenses
Employers' NI - Charitable activities
Employers' NI - Charitable activities
Gross wages and salaries - charitable
activities
Recruitment Expenses
Defined contribution pension costs -
charitable activities
Gross wages and salaries - charitable
activities
Temporary Staff - Charitable Activities
Training and welfare - staff
Temporary Staff - Charitable Activities
Travel and Subsistence - Charitable
Activities
Travel and Subsistence - Charitable
Activities		 Current year
Unrestricted
Funds
2022
£
350,564
30,843
8,331
-
7,662
1,829
1,625		 Current year
Restricted
Funds
2022
£
350,564
30,843
8,331
-
7,662
1,829
1,624
400,853
Prior Year
Restricted
Funds
2021
£
301,316
26,188
7,479
-
431
364
1,681
337,459		 Current year
Total Funds
2022
£
701,128
61,686
16,662
-
15,324
3,658
3,249
801,707
Prior Year
Total Funds
2021
£
602,632
52,376
14,958
-
862
728
3,362
674,918		 Prior Year
Total Funds
2021
£
602,632
52,376
14,958
-
862
728
3,362
400,854 674,918
restricted.
Prior Year
Unrestricted
Funds
2021
£
301,316
26,188
7,479
-
431
364
1,681
337,459

READ FOUNDATION

Detailed analysis of income and expenditure for the year ended 31 March 2022 as required by the SORP 2015

28 Expenditure on charitable activities- Grant funding of activities

Current Year
SOFA ref
Total grantmaking costs
B2c
Current Year
SOFA ref
Emergency Funds
Bangladesh Street Children
School in Bus
Build a School
Open a School
Other
Orphan Gift/Winter Pack
Food Project
Zakat
Emergency Education
Orphan-Sponsorship (Worldwide)
Grants made to organisations
Breakdown of Grants made to organisations		 Current year
Unrestricted
Funds
2022
£
84,960		 Current year
Restricted
Funds
2022
£
3,216,085
3,216,085
Current year
Restricted
Funds
2022
£
572,192
91,374
102,068
958,995
45,290
20,132
167,126
81,872
123,238
48,704
1,005,094
3,216,085		 Current year
Prior Year
Total Funds
Total Funds
2022
2021
£
£
3,301,045
3,487,554
84,960 3,301,045
3,487,554
Current year
Unrestricted
Funds
2022
£
-
-
-
-
-
84,960
-
-
-
-
-		 Current year
Total Funds
2022
£
572,192
91,374
102,068
958,995
45,290
105,092
167,126
81,872
123,238
48,704
1,005,094
3,301,045
84,960

All the expenditure in the prior year was unrestricted and restricted.

72 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 73

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Detailed analysis of income and expenditure for the year ended 31 March 2022 as required by the SORP 2015

Prior Year
Prior Year
Prior Year
SOFA ref
Unrestricted
Funds
Restricted
Funds
2021
2021
£
£
9,659
3,477,895
Total grantmaking costs
B2c
9,659
3,477,895
All the expenditure in the prior year was unrestricted and restricted.
Breakdown of Grants made to organisations
Prior Year
Prior Year
Prior Year
SOFA ref
Unrestricted
Funds
Restricted
Funds
2021
2021
£
£
Emergency Funds
-
848,653
Bangladesh Street Children
-
91,857
CEF Teacher Training
-
108,258
School Build
-
980,324
Open a School
-
28,350
Other
9,659
46,488
Orphan Gift/Winter Pack
-
263,702
Qurbani/Zakat
-
142,428
Emergency Education
-
45,186
Orphan-Sponsorship (Worldwide)
-
922,649
9,659
3,477,895
Grants made to organisations		 Prior Year
Total Funds
2021
£
3,487,554
3,487,554
Prior Year
Total Funds
2021
£
848,653
91,857
108,258
980,324
28,350
56,147
263,702
142,428
45,186
922,649
3,487,554

READ FOUNDATION

Detailed analysis of income and expenditure for the year ended 31 March 2022 as required by the SORP 2015

29 Support costs for charitable activities

29
Support costs for charitable activities
Current year
Current year
Current Year
SOFA ref
Unrestricted
Funds
Restricted
Funds
2022
2022
£
£
Premises Expenses
16,446
16,445
675
675
2,800
2,800
1,135
1,134
2,032
2,032
Administrative overheads
4,797
4,796
8,709
8,708
4,922
4,921
943
942
10,765
10,764
259
259
Professional fees paid to advisors other than the auditor or examiner
528
527
65,130
65,129
Financial costs
2,436
2,435
3,649
3,650
Support costs before reallocation
128,881
128,872
Total support costs - Current Year B2d
128,881
128,872
The basis of allocation of costs between activities is described under accounting policies
Rent, Rates and water charges
Bank charges
Legal fees
Stationery and printing
Cleaning and waste management
Property insurance
Light heat and power
Premises repairs, renewals and
maintenance
Subscriptions to periodicals
Telephone, fax and internet
Equipment expenses
Software licences and expenses
Depreciation & Amortisation in total for
the period
Other legal and professional
Sundry expenses		 Current year
Total Funds
2022
£
32,891
1,350
5,600
2,269
4,064
9,593
17,417
9,843
1,885
21,529
518
1,055
130,259
4,871
7,299		 Prior Year
Total Funds
2021
£
32,987
1,234
5,008
2,359
2,643
12,479
7,869
8,394
578
20,929
32
35
69,995
3,512
10,087
257,753
257,753		 178,141
178,141

74 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 75

READ FOUNDATION

Detailed analysis of income and expenditure for the year ended 31 March 2022 as required by the SORP 2015

Prior Year
Prior Year
Prior Year
SOFA ref
Unrestricted
Funds
Restricted
Funds
2021
2021
£
£
Premises Expenses
Rent, Rates and water charges
16,494
16,493
Light heat and power
617
617
Cleaning and waste management
2,504
2,504
1,180
1,179
Property insurance
1,321
1,322
Administrative overheads
Telephone, fax and internet
6,239
6,240
Stationery and printing
3,935
3,934
Subscriptions to periodicals
4,197
4,197
Equipment expenses
289
289
Software licences and expenses
10,464
10,465
Sundry expenses
16
16
17
18
34,998
34,997
1,756
1,756
5,043
5,044
89,070
89,071
Total support costs - Prior Year B2d
89,070
89,071
The basis of allocation of costs between activities is described under accounting policies
Financial costs
Depreciation & Amortisation in total for
the period
Other legal and professional
Support costs before reallocation
Professional fees paid to advisors
Bank charges
Legal fees
Premises repairs, renewals and
maintenance		 Prior Year
Total Funds
2021
£
32,987
1,234
5,008
2,359
2,643
12,479
7,869
8,394
578
20,929
32
35
69,995
3,512
10,087
178,141
178,141

READ FOUNDATION

Detailed analysis of income and expenditure for the year ended 31 March 2022 as required by the SORP 2015

30 Other Expenditure - Governance costs

Current Year
SOFA ref
Auditor's fees
Trustees' expenses
Total Governance costs
B2e
Prior Year
SOFA ref
Auditor's fees
Total Governance costs
B2e
Total Charitable expenditure
Current Year
SOFA ref
Total direct spending
B2a
Total grantmaking costs
B2c
Total support costs
B2d
Total Governance costs
B2e
Total charitable expenditure
B2
Trustees' expenses		 Current year
Unrestricted
Funds
2022
£
2,700
-		 Current year
Restricted
Funds
2022
£
2,700
-
2,700
Prior Year
Restricted
Funds
2021
£
2,106
-
2,106
Current year
Restricted
Funds
2022
£
400,853
3,216,085
128,872
2,700
3,748,510		 Current year
Total Funds
2022
£
5,400
-
5,400
Prior Year
Total Funds
2021
£
4,213
-
4,213
Current year
Total Funds
2022
£
801,707
3,301,045
257,753
5,400
4,365,905		 Prior Year
Total Funds
2021
£
4,213
-
2,700 4,213
Prior Year
Unrestricted
Funds
2021
£
2,107
-		 Prior Year
Total Funds
2021
£
674,918
3,487,554
178,141
4,213
2,107
Current year
Unrestricted
Funds
2022
£
400,854
84,960
128,881
2,700
617,395 4,344,826

31 Total Charitable expenditure

76 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 77

READ FOUNDATION

READ FOUNDATION

Detailed analysis of income and expenditure for the year ended 31 March 2022 as required by the SORP 2015

Activity analysis of Income and expenditure for the year ended 31 March 2022

This analysis is classsified by activity and not by conventional nominal descriptions.

Prior Year
SOFA ref
Total direct spending
B2a
Total grantmaking costs
B2c
Total support costs
B2d
Total Governance costs
B2e
Total charitable expenditure
B2		 Prior Year
Unrestricted
Funds
2021
£
337,459
9,659
89,070
2,107		 Prior Year
Prior Year
Restricted
Funds
Total Funds
2021
2021
£
£
337,459
674,918
3,477,895
3,487,554
89,071
178,141
2,106
4,213
438,295 3,906,531
4,344,826

32 Expenditure on raising funds and costs of investment management

Current Year
SOFA ref
Fundraising publicity & marketing
Cost of fundraising activities
Total fundraising costs
B1
Prior Year
SOFA ref
Fundraising publicity & marketing
Cost of fundraising activities
Total fundraising costs
B1		 Current year
Unrestricted
Funds
2022
£
-
-		 Current year
Restricted
Funds
2022
£
986,094
48,366
1,034,460
Prior Year
Restricted
Funds
2021
£
531,013
51,758
582,771		 Current year
Prior Year
Total Funds
Total Funds
2022
2021
£
£
986,094
531,013
48,366
53,063
- 1,034,460
584,076
Prior Year
Unrestricted
Funds
2021
£
-
1,305		 Prior Year
Total Funds
2021
£
531,013
53,063
584,076
1,305

33 Analysis of income by activity

Analysis of income by activity
SOFA ref
School Building Program
A2
Summary of Total Income, including the items above
Charitable activities
A2
Donations & Legacies
A1
Investment income
A4
Other income
A5
Total income as shown in the SOFA
A
Income from charitable activities
Total Income from charitable
activities
Activity		 2022
£
13,403
13,403
13,403
7,288,033
1,939
4,908
7,308,283		 2021
£
540
540
540
5,334,393
2,325
32,007
5,369,265

34 Analysis of charitable expenditure by activity

Activity

Charitable Donations
Direct costs
Premises expenses
Administrative overheads
Professional fees
Financial costs
School Building Program
Direct costs
Grantmaking costs
Total Charitable Donations
Total School Building Program		 Direct
costs
2022
£
267,237
-
-
-
-
267,237
Direct
costs
2022
£
267,235
-
267,235		 Support
costs
2022
£
-
46,174
60,785
138,624
12,170
257,753
Support
costs
2022
£
-
-
-		 Grant
funding of
activities
2022
£
-
-
-
-
-
-
Grant
funding of
activities
2022
£
-
1,100,349
1,100,349		 Total
2022
£
267,237
46,174
60,785
138,624
12,170
524,990
Total
2022
£
267,235
1,100,349
1,367,584		 Total
2021
£
224,972
44,231
50,281
70,030
13,599
403,113
Total
2021
£
224,973
1,162,518
1,387,491

78 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 79

READ FOUNDATION

Activity analysis of Income and expenditure for the year ended 31 March 2022

READ FOUNDATION

Activity analysis of Income and expenditure for the year ended 31 March 2022

Analysis of support and governance costs by charitable activities

Direct
costs
2022
£
Orphan Sponsorship
Direct costs
267,235
Grantmaking costs
-
267,235
Direct
costs
2022
£
Other charitable activities
Grantmaking costs
-
-
Direct
costs
2022
£
Total Charitable Donations
267,237
Total School Building Program
267,235
Total Orphan Sponsorship
267,235
Total Other charitable activities
-
-
801,707
Total Orphan Sponsorship
Total Other charitable activities
Total Governance costs as detailed in
Note 30
Total charitable expenditure
Summary of charitable costs by activity		 Support
costs
2022
£
-
-
-
Support
costs
2022
£
-
-
Support
costs
2022
£
257,753
-
-
-
5,400
263,153		 Grant
funding of
activities
2022
£
-
1,100,348
1,100,348
Grant
funding of
activities
2022
£
1,100,348
1,100,348
Grant
funding of
activities
2022
£
-
1,100,349
1,100,348
1,100,348
-
3,301,045		 Total
2022
£
267,235
1,100,348
1,367,583
Total
2022
£
1,100,348
1,100,348
Total
2022
£
524,990
1,367,584
1,367,583
1,100,348
5,400
4,365,905		 Total
2021
£
224,973
1,162,518
1,387,491
Total
2021
£
1,162,518
1,162,518
Total
2021
£
403,113
1,387,491
1,387,491
1,162,518
4,213
4,344,826

The basis of allocation of costs between activities is described under accounting policies

The breakdown of this expenditure by type of spending (ie nominal classification) is detailed in note 31

Activity
Charitable Donations
Grand Total
Summary of grant making by activity
School Building Program
Orphan Sponsorship
Other charitable activities		 Governance
5,400
5,400
Grants to
institutions
2022
£
1,100,349
1,100,348
1,100,348
3,301,045		 Finance
12,170
12,170
Grants to
individuals
2022
£
-
-
-
-		 Human
Resources
-
-
Support
costs
2022
£
-
-
-
-		 Other
Overheads
245,583
245,583
Total
2022
£
1,100,349
1,100,348
1,100,348
3,301,045		 Total
164,542
164,542
Total
2021
£
1,162,518
1,162,518
1,162,518
3,487,554

Fuller details of grants made and related costs, including support costs, are shown in note 28.

35 Analysis of non charitable expenditure by activity

Activity

Fundraising activities
Direct fundraising costs
Total costs of Fundraising activities
Governance costs
Other Expenditure - Governance costs as detailed in Note 30
Total non charitable expenditure
Total costs of Fundraising activities
Total non charitable expenditure		 Fundraising
activities
2022
£
1,034,460
1,034,460
Governance
costs
2022
£
5,400
2022
£
1,034,460
1,034,460		 Fundraising
activities
2021
£
584,076
584,076
Governance
costs
2021
£
4,213
2021
£
584,076
584,076

80 READFOUNDATION.ORG.UK

FINANCIAL STATEMENTS 2022 81

GET IN TOUCH

03000 121 121 INFO@READFOUNDATION.ORG.UK READFOUNDATION.ORG.UK

READ Foundation, Victoria Court, 376 Wilmslow Road, Manchester, M14 6AX READ Foundation is a company limited by guarantee (company no: 09195667) and a charity registered in the U.K. with the Charity Commission (1160256). If you have any further enquiries about the organisation please call 0161 224 3334