## **Trustees' Annual Report for the period** **From** Period start date Period end date 01 January 2025 31 December 2025 **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
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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||| ||Carmel Lawless||Till Sept 2025|| ||Julie Sadler-Smith|||| ||TracyBechem||Till Dec 2025|| ||EmilyMacaulay|||| ||Francesca Catling|||| ||Oxana Bolshova||From Dec 2025|| ||Mustafa Sayfi||From Dec 2025|| ||Janet Kipling||From Dec 2025|| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| |||||| **Names of the trustees for the charity, if any, (for example, any custodian trustees)** **Name Dates acted if not for whole year** March **2012** **TAR** 1 ## **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** Constitution Type of governing document (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. trust, association, company) - (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; - the charity’s organisational structure and any wider network with which the charity works; - relationship with any related parties; - 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. March **2012** **TAR** 2 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 316 Scholarships to deserving students in 2025. 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 £275 book token (in effect an e- voucher code), which funds the student’s textbooks for the first year (and following years if unspent in the first year). This enhances their academic **Summary of the main** study, as well as providing both financial and emotional breathing space **activities undertaken for the** in the face of the financial pressures such students face. The **public benefit in relation to** Scholarships are awarded on the basis of merit (achievement at A levels, **these objects (include within** BTEC or IB) and so can also provide a boost to the student’s CV in future **this section the statutory** years. **declaration that trustees have had regard to the guidance** Throughout the year the Trustees have had regard to the guidance **issued by the Charity** issued by the Charity Commission on public benefit. We reviewed the **Commission on public** guidance when the Charity was established and have ensured that our **benefit)** underlying model and ongoing activity of providing Scholarships to Throughout the year the Trustees have had regard to the guidance 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 meets this guidance. ## **Additional details of objectives and activities (Optional information)** You **may choose** to include further statements, where relevant, about: - policy on grantmaking; - policy programme related investment; - contribution made by volunteers. March **2012** **TAR** 3 Section D Achievements and performance - § Summary of the main achievements of the charity during the year - § In 2025 we again awarded over 300 Scholarships across England, reinforcing our national role in supporting social mobility. - § After seeing a dip in 2024, our income rebounded to a record total of £144,484 (though this is in part due to two significant annual grant payments falling in the same calendar year). This will enable us to aim for ambitious growth in Scholarships awarded in 2026. - § The increase in income was largely due to an increase in the number of Charitable Trust grants we applied for and received, which was highlighted as a priority in a Strategic Fundraising Review we commissioned in the first part of the year. - § Over the year we 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. We are grateful for support from the BNA Charity (Lincs and Notts), Rothschild Foundation (Buckinghamshire), Britford Bridge Trust (Cambridgeshire), Lawson Trust (Kent and Sussex), Jessie Spencer Trust (Mansfield), Shanly Foundation (Berkshire), Eveson Trust (Herefordshire and Worcestershire), Zochonis Trust (Manchester), Charles S French Charitable Trust (Essex and NE London), Simon Gibson Trust (Suffolk, Norfolk, Cambs and Herts), Norton Foundation (West Mids), William Allen Young Foundation (SW London), Sir John Reckitt Charity (East Yorks and Hull), The Whitgift Foundation (Croydon area), Hadfield Trust (Cumbria), Paul Bassham Trust (Norfolk), Norman Family Trust (East Devon), Worshipful Company of Insurers, and the Forrester Family Trust and Tolkien Trust nationally. In addition, we received another valuable grant from Wessex Water to support Scholarships in their region. - § As provided and predominantly funded by a specific grant, the Charity was able to commission administration support to the value of £5,500. This support is provided by Alan Terry, a Trustee. This arrangement adheres to all guidance laid out by the Charity Commission. The provision of administration support is governed by a Service Level Agreement which will be reviewed in January 2026. - § We were sorry to see two wonderful Trustees step down in 2025 (Tracy Bechem and Carmel Lawless), but we go into 2026 with the ongoing invaluable support of Trustees Julie Sadler-Smith, Emily Macaulay and Francesca Catling, as well as three new Trustees – Mustafa Sayfi, Oxana Bolshova and Janet Kipling. - § To all our donors and supporters, we offer you this note from one of this year’s Scholarship winners: - _“I am truly so grateful for the opportunity to be able to actually own my own medical textbooks, and I've already purchased a_ - _handbook for the speciality I one day hope to work in! I've always loved reading, and receiving this award filled me with warmth and a renewed passion for my studies.” 2025 Scholarship winner_ March **2012** **TAR** 4 Section E Financial review As a chanty that has minimal running costs. property or rent commrtments. and onty awards Scholarships on the basis of donations already receNed. we would have minimal 'wirKlir¥3 UP, costs In the event of having to close the Chanty However we do have 8 policy of keeping level of reserve5 in hand to help smooth out the number of Scholarships we are able lo award year-on-year. In the event of a rnark￿l dec￿aSe in income one year The Trustees have determined that In this context we will keep a minimum of £20.000 in reserye At year ermj we held relaINe￿ h￿h total reserves of £75.858, fft large part due to income reC￿Ved In the second half of the year {afler the 2025 Schdarships have awarded) but Intend￿ to fund Scholarships in 2026. Brlef statement of the charity's policy on reserves Details of any funds materially in deficit Further financial review details (Optional informalion) We have a￿ayS tEen keen lo Closety manage and contain the running costs of the Charty, free up the vast majonty of our income to directy fund Scholarships. In 2025. 89Yo of totsl eXE￿d￿ure went directiy on fundiro Scholarthps for student& You may choose to inclLMJe addits.onal informab"on, where relevant at￿rt". the chanty s pnncipal sources of funds (inclL#Jing any fUndra￿Ing). how expenditure has supported the key obFctsves of the chanty., Investrnent policy and obiecbves Including any ethical Investrnent p)licy adopted. Section F Other optional information Section G Declaration The trustees declare that they have approved the trustees. report above. Signed on behalf of the Gharity's trustees Signature(s} Full name(s} Position (eg Secretsry, Chair. etc) Alan TeTry Emity Macaulay Chair Trustee Date I l Fdi IOI6 TAR Mai¢h 2012 **5** # **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 2025 ] **Set out on pages** 1 -2 **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 2025. **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 - 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:** _Belinda Roome_ **Date:** 10 Feb 2026 **Name:** Belinda Roome **Relevant professional** Chartered Accountant - ICAEW **qualification(s) or body (if any): Address:** 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**|**The Reading List Foundation**|**The Reading List Foundation**|**1164690**| |---|---|---|---| |**Receipts andpayments accounts**|||| |**For the period**
**from**|Jan 1 2025|**To**|Dec 31 2025| **CC16a** ## **Section A Receipts and payments** |**Section A Receipts and**|**payments**|**payments**|||||||| |---|---|---|---|---|---|---|---|---|---| |**A1 Receipts**|**Unrestricted**
**funds**
**to the nearest £**||**Restricted**
**funds**
**to the nearest £**||**Endowment**
**funds**
**to the nearest £**||**Total funds**
**to the nearest £**||**Last year**
**to the nearest £**| |
Charitable Trust donations(note 1)|**3,000**||**108,350**||**-**||**111,350**||**12,800**| |Other donations(from organisations)|**-**||**1,500**||**-**||**1,500**||**1,500**| |Individual donations(inc Gift Aid)|**7,585**||||**-**||**7,585**||**7,549**| |Interest|**943**||||**-**||**943**||**726**| |Refund on unused credit(Blackwell's)|**23,106**||||**-**||**23,106**||**17,241**| ||**-**||||**-**||**-**||**-**| ||**-**||**-**||**-**||**-**||**-**| ||**-**||**-**||**-**||**-**||**-**| |**_Sub total_**_(Gross income for AR)_|**34,634**||**109,850**||**-**||**144,484**||**39,816**| ||||||||||| |**A2 Asset and investment sales,**
**(see table).**|||||||||| ||**-**||||||||**-**| ||**-**||||||||**-**| |**_Sub total_**|**-**||||||||**-**| |**_Total receipts_**
**A3 Payments**|||||||||| ||||||||||**39,816**| ||||||||||| |
Blackwell's book e-vouchers|**6,800**||**78,144**||**-**||**84,944**||**71,250**| |Marketingexpenses|**2,825**||||**-**||**2,825**||**1,668**| |Administrative expenses|**7,310**||||**-**||**7,310**||**7,410**| |Governance Costs|**325**||||**-**||**325**||**300**| |Credit refunds to students|**-**||||**-**||**-**||**381**| |Repayment of unusedpart of 2023grant|**-**||||**-**||**-**||**1,000**| ||**-**||**-**||**-**||**-**||**-**| ||**-**||**-**||**-**||**-**||**-**| ||**-**||**-**||**-**||**-**||**-**| |**_Sub total_ **|**17,260**||**78,144**||**-**||**95,404**||**82,009**| ||||||||||| |**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_**|||||||||| ||||||||||**82,009**| ||||||||||| ||**17,374**||||||||**- 42,193**| ||**-**||||||||**-**| ||**24,656**||||||||**68,971**| ||**42,030**||||||||**26,778**| CCXX R1 accounts (SS) 12/02/2026 1 Section B Statement of assets and liabilities at the end of thè period Unrestrlctèd tur￿$ to nex￿1 E Restricted funds èiresi£ alegories Endowment funds to neare5tÉ Oelails 81 Cash fund$ 31112 33.828 Total cash fimds 42.030 33,828 ilnvestrrctsd lunds Restriei¢d funds tonearesi£ Endowmant funds to no•re*£ B2 Other monètary a￿ets Fund tOTwhlch O-IS Cosiioptiona CuThent valu• B3 Investment assets ¢I*5t lopttona B4 Assets retsined for thè charity's own use 495 OEiails Imbtl B5 Liabilltie3 ¢n• on* SI?￿ tsy Gne or.'wo trustee5 C tÉPaaYof a,.. the irJsTees SVJ roval Emty Macaulay Note 1 'Re5tncko fur￿$. aTe &r9ely 9rants aoha¢ws spethaw lorhJrthJ Sdw)kr5hys in P?Tti(A&rSth￿I￿ orregims NJ'.È 2 VIÈ also hfjve 103 x 2025 SchoL7rshw>s yet to t￿l¢￿￿r￿￿ by SUMYonts. Ihow pasteypewK8 us ts m*n"ty of Ine* ￿n'T be daime NGfe: WE dis￿ 24 Btsck%Y¢irs bwk e-voucher51£275 eathl foru5e in 2026. ari# a￿0 havè a credii of£1 1% 34 Ilwn fw att hoc Stholarthp award us 14oL6 4 TME Chèrrty commss￿nefj £s.S00 ofadmiiu5tyatwe SLWDrt Ircffl Aan Teny la Tnth}. ThBvas dm￿Sed and agrg¢d al a sorva¥ of me&bng5. ￿1h￿an Twry fri*# Trknvani parts (4 th& rr• Permwlun was swi and grantsd by th¢ Chafity comm155￿￿ CCXX R2 accounts issi **5** # **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 2025 ] **Set out on pages** 1 -2 **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 2025. **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 - 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:** _Belinda Roome_ **Date:** 10 Feb 2026 **Name:** Belinda Roome **Relevant professional** Chartered Accountant - ICAEW **qualification(s) or body (if any): Address:** 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**