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2023-07-31-accounts

Charity registration number 1170902

THE LONDON READING CENTRE

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

THE LONDON READING CENTRE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

MrA J Halpert Mr M S Geldzahler Mrs B G Krausz

Charity number 1170902

Principal address

Independent examiner

8 Craven Park London N15 6AB J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW

THE LONDON READING CENTRE

CONTENTS

Page
Trustees' report 1-2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notestothefinancialstatements 6-11

THE LONDON READING CENTRE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2023

The trustees present their annual report and financial statements for the year ended 31 July 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objects are the advancement of education in general and particularly for those under the age of 18, and to promote any other exclusively charitable objects and purposes as the trustees see fit, provided they are regarded as charitable by the law of England & Wales.

The London Reading Centre targets vulnerable young people who are disadvantaged by low income, dysfunction, social exclusion, various learning and emotional disabilities, giving them the support they need, to flourish in school and beyond.

The charity achieves these objectives primarily through operating, a Lending Library specialising in Cultural Texts, providing a reading software system to educational institutions, and various reading programmes to address literacy issues. The charity ensures that even those in difficult financial situations are able to use the software system by offering reduced fees and where required waiving the fee all together.

In response to the needs of the community, the organisation has evolved in the last year, and we now use art, creativity, and media as tools to enable disadvantaged children to thrive and develop in all areas.

Based in Haringey, where 42% of children in the borough live in households of poverty, we aim to make a difference by providing creative outlets so that the children can grow despite their challenges. We believe that core skills, development of creativity, and stable, nurturing relationships are essential to a healthy childhood and will subsequently impact life chances. We give our youth opportunities they wouldn’t have access to otherwise, allowing them to develop, grow and shine.

The charity also makes occasional grants to charities whose charitable objects are in line with the charity's objects.

The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities.

Achievements and performance

During the last year the charity ran various programmes which were made possible with the help of our generous sponsors.

"Read with me" is a highly researched and devolped programme to master the basic yet fundimental skills of reading.

The charity partnered with local schools to provide the programmes.

In the year under review the charity generated income of £81,007 (2022: £145,117) and incurred expenses of £97,006 (2022: £156,884).

Financial review

The trustees have furthered their fundraising efforts post year end to cover the current deficit.

The charity’s aspirational reserves policy is to maintain reserves comprising three months of operational cost in unrestricted funds. Trustees believe maintenance of reserves at this level will ensure continuous operation in the face of unanticipated developments or fluctuations in funding.

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THE LONDON READING CENTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

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

Structure, governance and management

The charity, is a trust governed by its trust deed dated 5 July 2016, and is a registered charity.

The trustees who served during the year and up to the date of signature of the financial statements were: MrA J Halpert

Mr M S Geldzahler

Mrs B G Krausz

The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any trustees. Should the situation change in the future, the trustees will apply suitable induction and training procedures. The trustees administer the day to day running of the charity. None of the trustees has any beneficial interest in the charity. "OY Wa vise i the Board of Trustees.

Mr A J Halpert Trustee DatedMay29, 2024

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THE LONDON READING CENTRE

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE LONDON READING CENTRE

| report to the trustees on my examination of the financial statements of The London Reading Centre (the charity) for the year ended 31 July 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

| report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

| understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2 _ the financial statements do not accord with those records; or

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

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5 Silver
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J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW

Dated: May 29, 2024

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THE LONDON READING CENTRE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2023

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
Notes £ £ £ £ £ £
Income from:
Donations and
legacies 3 80,757 250 81,007 130,087 15,030 145,117
Expenditure on:
Raising funds 4 1,238 - 1,238 3,367 - 3,367
Charitable activities 5 92,518 3,250 95,768 137,347 16,170 153,517
Total expenditure 93,756 3,250 97,006 140,714 16,170 156,884
Net expenditure for the
year/
Netmovement in funds (12,999) (3,000) (15,999) (10,627) (1,140) (11,767)
Fund balances at 1 August
2022 711 3,000 3,711 11,338 4,140 15,478
Fund balances at 31 July
2023 (12,288) - (12,288) 711 3,000 3,711

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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THE LONDON READING CENTRE

BALANCE SHEET

AS AT 31 JULY 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 11 4,892 6,523
Current assets
Cash at bank and in hand 455 1,092
Creditors: amounts falling due within
one year 12 (17,635) (3,904)
Net current liabilities (17,180) (2,812)
Total assets less current liabilities (12,288) 3,711
Income funds
Restricted funds - 3,000
Unrestricted funds (12,288) 711
(12,288) 3,711

The financial statements were approved by the Trustees on May 29, 2024

MrAJ oth Trustee

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THE LONDON READING CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

Charity information

The London Reading Centre is a charitable trust registered in England & Wales.

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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THE LONDON READING CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

(Continued)

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

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

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

Fixtures and fittings 25% RBM Computers 25% RBM

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

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

Basic financial liabilities

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

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

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THE LONDON READING CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

1.9 Employee benefits

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

The preparation of these financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Donations and gifts 30,271 - 30,271 95,165 - 95,165
Grants 7,820 250 8,070 - 15,030 15,030
Membership fees 42,666 - 42,666 34,922 - 34,922
80,757 250 81,007 130,087 15,030 145,117

4 Raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Otherfundraisingcosts 1,238 3,367

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THE LONDON READING CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

5 Charitable activities

Charitable Charitable
expenditure expenditure
2023 2022
£ £
Staff costs 42,369 41,656
Depreciation and impairment 1,631 2,174
Reading Programmes 30,426 61,360
Other charitable activities 7,114 24,294
81,540 129,484
Grant funding of activities (see note 6) 627 3,500
Share ofsupport costs (see note 7) 8,859 17,200
Share ofgovernance costs (see note 7) 4,742 3,333
95,768 153,517
Analysis by fund
Unrestricted funds 92,518 137,347
Restricted funds 3,250 16,170
95,768 153,517
Forthe yearended 31 July 2022
Unrestricted funds 137,347
Restricted funds 16,170
153,517

6 Grants payable

Charitable Charitable
expenditure expenditure
2023 2022
£ £
Grants to institutions:
Other 627 3,500

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THE LONDON READING CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

7 Support costs

Support costs
Support Governance 2023 Support Governance 2022
costs costs costs costs
£ £ £ £ £ £
General Administration
costs 8,859 - 8,859 17,200 - 17,200
Accountancy - 2,000 2,000 - 2,040 2,040
Legal and professional - 2,706 2,706 - 1,293 1,293
Bank charges - 36 36 - - -
8,859 4,742 13,601 17,200 3,333 20,533
Analysed between
Charitableactivities 8,859 4,742 13,601 17,200 3,333 20,533

Governance costs includes a payment to the independent examiner of £2,000 for accountancy fees, and £1,020 for other services.

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
7 7
Employment costs 2023 2022
£ £
Wages and salaries 42,347 41,577
Other pension costs 22 79
42,369 41,656

There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

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THE LONDON READING CENTRE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

11. Tangible fixed assets
Fixtures and Computers Total
fittings
£ £ £
Cost
At 1 August 2022 8,334 5,000 13,334
At 31 July 2023 8,334 5,000 13,334
Depreciation and impairment
At 1 August 2022 4,811 2,000 6,811
Depreciation charged in the year 881 750 1,631
At 31 July 2023 5,692 2,750 8,442
Carrying amount
At 31 July 2023 2,642 2,250 4,892
At31July2022 3,523 3,000 6,523

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023 2022
£ £
Other taxation and social security 1,517 1,723
Other creditors 14,118 1,491
Accruals and deferred income 2,000 690
17,635 3,904

13 Analysis of net assets between funds

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Fund balances at 31
July 2023 are
represented by:
Tangible assets		 4,892 - 4,892 3,523 3,000 6,523
Current assets/(liabilities) (17,180) - (17,180) (2,812) - (2,812)
(12,288) = (12,288) 711 3,000 3,711

14 Related party transactions

The London Reading Centre occupied rent free premises provided by one ofthe trustees of the charity.

There were no disclosable related party transactions during the year (2022 - none), other than the above.

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