Trustees' Annual Report for the period
Period start date Period end date 01 January 2021 31 December 2021 From To
Section A Reference and administration details
The Reading List Foundation
Charity name The Reading List Foundation Other names charity is known by Registered charity number (if any) 1164690 Charity's principal address 11 Earl Richards Road North EXETER Postcode EX2 6AQ
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Alan Terry | Chair & Treasurer | |||
| Andrew Davidson | ||||
| Chris Thain | ||||
| Carmel Lawless | ||||
Names of the trustees for the charity, if any, (for example, any custodian trustees)
Name Dates acted if not for whole year
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Names and addresses of advisers (Optional information)
Type of adviser Name Address
Name of chief executive or names of senior staff members (Optional information)
Section B Structure, governance and management
Description of the charity’s trusts
Type of governing document
Constitution
- (eg. trust deed, constitution)
Charitable Incorporated Organisation How the charity is constituted
- (eg. trust, association, company)
Appointed by Resolution passed at meeting of Charity Trustees. Trustee selection methods
- (eg. appointed by, elected by)
Additional governance issues (Optional information)
You may choose to include additional information, where relevant, about:
-
policies and procedures adopted for the induction and training of trustees;
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the charity’s organisational structure and any wider network with which the charity works;
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relationship with any related parties;
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trustees’ consideration of major risks and the system and procedures to manage them.
Section C Objectives and activities
Summary of the objects of the charity set out in its governing document
For the public benefit, to advance the education of undergraduate students from lower income households, particularly but not exclusively, in England, by providing them with financial scholarships.
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The main – and currently sole – aim of the charity is the provision of Scholarships to undergraduate students in England from lower-income households. To this end we issued 208 Scholarships to deserving students starting their degrees in September 2021. A further 18 Scholarship Winners chose to defer their studies till September 2022. Students were selected independently in Year 13 by their Head of Year, Deputy Head Teacher or similar (with the awards actually sent out once the student starts at university).
The Scholarships are in the form of a £250 book token (in effect an e- Summary of the main voucher code), which funds the student’s textbooks for the first year (and activities undertaken for the following years if unspent in the first year). This enhances their academic public benefit in relation to study, as well as providing both financial and emotional breathing space these objects (include within in the face of the financial pressures such students face. The this section the statutory Scholarships are awarded on the basis of merit (achievement at A levels, declaration that trustees have BTEC or IB) and so can also provide a boost to the student’s CV in future had regard to the guidance years. issued by the Charity Commission on public Throughout the year the Trustees have had regard to the guidance benefit) issued by the Charity Commission on public benefit. We reviewed the guidance when the Charity was established and have ensured that our underlying model and ongoing activity of providing Scholarships to students from lower-income households meet this guidance.
Additional details of objectives and activities (Optional information)
You may choose to include further statements, where relevant, about:
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policy on grantmaking;
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policy programme related investment;
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contribution made by volunteers.
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Section D Achievements and performance
Summary of the main achievements of the charity during the year
2021 was our sixth full year in existence, and we believe we have again made considerable progress in expanding our charitable activities.
| § | We increased the number of awards we were able to make - and |
|---|---|
| therefore students we were able to support - from 174 in 2020 to | |
| 208 in 2021 (with another 18 students deferring their award to | |
| 2022), and increase of 30%. | |
| § | The value of our Scholarships continued to be demonstrated, with |
| 83% of Scholarship Winners saying the award made ‘a big | |
| difference’ to their first year of study (2021 Scholarship Winners | |
| Survey). | |
| § | Although our income dropped significantly, from £90,435 in 2020 |
| to £20,347 in 2021, this was primarily because of exceptional | |
| grants received in 2020. Our income outside of these exceptional | |
| grants was broadly stable, and our underlying finances remain | |
| strong. | |
| § | We again benefitted from generous grants from a significant |
| number of Charitable Trusts across the country, the majority of | |
| which supported clusters of Scholarships in a particular | |
| geographical area of England. In particular we are thankful for | |
| grants from the Holbeck Trust, the 29thMay 1961 Charitable | |
| Trust, The Jessie Spencer Trust and the Lawson Trust. In | |
| addition, we received another valuable grant from Wessex Water | |
| to support Scholarships in their region. | |
| § | We received continued substantial support from our wonderful |
| key donor (our grant for 2021 was actually received in Dec 2020 | |
| and so is included in our 2020 accounts), which covers all of our | |
| central administrative costs, as well as a large number of | |
| Scholarships, in 2021. This means we have been able to promise | |
| all other donors that 100% of their donation goes directly to | |
| funding Scholarships – a promise we believe is central to our | |
| increasing level of grants and donations. | |
| § | In a move of crucial importance to making our continued growth |
| manageable, we moved the process by which schools and | |
| colleges notify us of their students’ details online. Student details | |
| are now entered onto a secure online database by schools, | |
| making the process easier for teachers, saving us administrative | |
| time and ensuring data is monitored and updated on a daily basis. | |
| None of this would have been possible without the immensely valuable | |
| support of the trustees, primarily Andrew Davidson, Chris Thain and | |
| Carmel Lawless. Carmel managed and reported our annual Scholarship | |
| Winners survey, Andrew took the lead on our Safeguarding Policy, and | |
| Chris | ensured our standards of our Governance continued to match our |
| growth as a Charity. My thanks to them, and to all our supporters, can I | |
| think | best be summed up by the following comment from a Teacher |
| describing their chosen award winner: | |
| “Her ambition was to study medicine and the extra academic work she | |
| completed to achieve this was phenomenal. This scholarship will have a | |
| momentous impact. For a student disadvantaged on so many levels, the | |
| gift will allow her to purchase course materials beyond her means and | |
| pursue her love of learning. Perhaps as importantly, it will give her belief | |
| that in a dreadful year in which she lost a much-loved parent, good things | |
| can still happen. Thank you.” |
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charity's pollcy on r•s•rvo8 received, we would have minimal 'win(iing up, cos15 in the event of having lo close the Charity. However, we do have a policy of keeping a level of reserves in hand to help smooth out the number of Scholarships we are able to award year-on-year. in the event of a marked decrease in income one year. The Trustees have determined that in this context we will keep a minimum of£20,000 in reseTve. On 31,. December 2021 we had £38,409 in the bank. Details of any funds matgrially In d•flclt Furthor financial revi•w dotall8 (Optlonal Infonnation) We have always been keen to closely manage and contain the running costs of the charity. and free up the vast majority of our Income to d1CuY fund Scholarships. In 2021. 87% of our total expendilure18nd 100% of income from individual donatior)s} went dlreclly on funding Scho18rghip$ for students. This figure187%1 is lower than in previous years, as il fftecls the fact tttal we invested around £4.000 in developing a new secure online website and database for schools and colleges to provlde deta115 of the Students they Chose to rec8ive the awards. This has rèduced th8 lime il takes schools and colleg88 lo adminisler the award8. as w811 as r8duced the time11 lakes us to collate and managa the resulting information, ThSs should be a one-off cost. You may chooge lo Indude addib'onal informatlon, where relevant about.. the charity's prfnclpal sources of funds (including any fundrai5ingl', how expenditur8 has supported the key objectives of the charlty., Investment policy and objectives IncludSng any ethical Investment pollcy adopted. Section F Other optional information Tho trust808 do¢larn that thoy havo approved the tru8tees' report abovo. Slgnod on hall of tho charlty'8 tru•tO•• Slgnaturnlsl Full nam•l•) Alan T8rry Andrew Davidson Posltlon leg SKrotary, Chalr, •t¢) Chair Trustee Dats Iq A ,,1 IOIL TAR M3rth 2012
Independent examiner's report on the accounts
Section A Independent Examiner’s Report
Report to the trustees/ Charity Name members of The Reading List Foundation
On accounts for the year ended[31][st][ December 2021 ] Set out on pages one - two
Charity no (if any)[1164690 ]
I report to the trustees on my examination of the accounts of the above charity (“the Charitable Incorporated Organisation or CIO”) for the year ended 31[st] December 2021
Responsibilities and basis of report As the charity trustees of the CIO, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention (other than that disclosed below ) in connection with the examination which gives me cause to believe that in, any material respect:
-
accounting records were not kept in accordance with section 130 of the Act or
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the accounts do not accord with the accounting records
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
- .
| Signed: Name: Relevant professional qualification(s) or body (if any): Address: |
Belinda Roome | 30/3/2022 |
|---|---|---|
| Belinda Roome | ||
| Chartered Accountant - ICAEW | ||
| Rowan House Accountants | ||
| 5 Earl Richards Road North | ||
| Exeter, EX2 6AQ |
1
October 2018
IER
Section B Disclosure
Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
Give here brief details of None any items that the examiner wishes to disclose .
2
October 2018
IER
The Reading List Foundation 1164690 Receipts and payments accounts For the period 1st January 2021 To 31st December 2021 from
CC16a
Section A Receipts and payments
| A1 Receipts | Unrestricted funds to the nearest £ |
Unrestricted funds to the nearest £ |
Restricted funds to the nearest £ |
Restricted funds to the nearest £ |
Endowment funds to the nearest £ |
Endowment funds to the nearest £ |
Total funds to the nearest £ |
Total funds to the nearest £ |
Last year to the nearest £ |
|---|---|---|---|---|---|---|---|---|---|
Charitable Trust donations(note 1) |
7,500 | - | 7,500 | 53,250 | |||||
| Other donations(from organisations) | - | - | 28,420 | ||||||
| Individual donations(inc Gift Aid) | 9,879 | - | 9,879 | 5,878 | |||||
| Interest | 200 | - | 200 | 368 | |||||
| Refund on unused credit(Blackwell's) | 2,768 | - | 2,768 | 2,519 | |||||
| - | - | - | - | - | |||||
| - | - | - | - | - | |||||
| - | - | - | - | - | |||||
| Sub total(Gross income for AR) | 12,847 | 7,500 | - | 20,347 | 90,435 | ||||
| A2 Asset and investment sales, (see table). |
|||||||||
| - | |||||||||
| - | - | ||||||||
| Sub total | - | - | |||||||
| Total receipts A3 Payments |
|||||||||
| 90,435 | |||||||||
Blackwell's book e-vouchers |
26,224 | 37,000 | |||||||
| Marketingexpenses | 2,715 | 1,410 | |||||||
| Administrative expenses | 5,572 | 519 | |||||||
| Governance Costs | 275 | 250 | |||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| - | - | ||||||||
| **Sub total ** | 34,786 | 39,179 | |||||||
| A4 Asset and investment purchases, (see table) |
|||||||||
| - | |||||||||
| - | |||||||||
| **Sub total ** | - | - | |||||||
| Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end |
|||||||||
| 39,179 | |||||||||
| - 21,939 | 51,256 | ||||||||
| - | - | ||||||||
| 41,391 | 33,273 | ||||||||
| 19,452 | 84,529 |
CCXX R1 accounts (SS)
19/04/2022
1
Section B Statement of assets and liabilities at the end of the period Unr•strict8d fund• •T••t £ Rgstrfcted fund$ Endowment funds Cat8gori•s Detail$ tOfW•At f B1 Cash funds TSB ¢utrent account TS8 savlngg 8ccouni 18.957 Tot•lc•sh funds 19,452 18,957 Unrestrfcted funds tomr••t £ R••trlct•d fund• Endowm•nt Details to M•r••t £ to £ B2 Oth•r mortary as•ots Fthpj to wNch xr•rrt valu• Det8il$ B3 Inv••tm•nt a8••t• t• wN¢h Detailg B4 A¥s8ts retaln•d for th• charlty's own ui• Fwxl to wNch 11a1+ty r•lth• lloMII Details 85 Uabllttknl Svan8d by one ormr) tnJ$tee$ OTr behaLf ¢f all Ihe Iru$ts&$ nature Print Name Date of approval IF,P Iq Noto 1.. 'Restrf¢tod fund¥ ar? grdnts and donatbns sp8cthcally orlundvig s¢0[ShF8 n partkyjlar School¢0[ea&S or regn8 Note 2.. We atso have 58 x 2021 SChOh1ps yel to ba cL8in8d by ntIniVal students. though past exp81i8n¢e tells us tho maiorfty of the$6 vJonl be Note 3.. 80 hoba 33 Bla(*11¥ book 8-vouch8rs1£250 8aehl for uso li 2022 CCXX R2 acthunts ISSI 0410412022