Charity registration number 1170902 (England and Wales)
THE LONDON READING CENTRE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
THE LONDON READING CENTRE
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr A J Halpert |
|---|---|
| Mr M S Geldzahler | |
| Mrs B G Krausz | |
| Charity number | 1170902 |
| Principal address | 8 Craven Park |
| London | |
| N15 6AB | |
| Independent examiner | 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 |
| Notes to the financial statements | 6 - 13 |
THE LONDON READING CENTRE
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025
The trustees present their annual report and financial statements for the year ended 31 July 2025.
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.
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 35% 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.
Public benefit
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
Significant activities and achievements against objectives
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 developed programme to master the basic yet fundamental skills of reading.
The charity partnered with local schools to provide the programmes.
In addition, the charity provided a breakfast club to give children access to healthy meals, improving concentration, wellbeing, and educational outcomes.
In the year under review the charity generated income of £103,514 (2024: £89,827) and incurred expenses of £105,673 (2024: £85,300).
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THE LONDON READING CENTRE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Financial review
The charity’s statement of financial activities shows a shortfall of £2,159 for the year, resulting in a cumulative deficit of £9,920 as at the 31 July 2025. This shortfall arose despite the trustees increasing their fundraising efforts during the year, as the additional income was offset by higher expenditure. Restricted reserves at the year end amounted to £4,054. Subsequent to the year end, the trustees have further strengthened their fundraising activities to support the charity’s reserves policy set out below.
Reserves policy
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.
Major risks
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 trustees who served during the year and up to the date of signature of the financial statements were: Mr A J Halpert Mr M S Geldzahler Mrs B G Krausz
Recruitment and appointment of trustees
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.
Organisational structure
The charity, is a trust governed by its trust deed dated 5 July 2016, and is a registered charity.
The trustees' report was approved by the Board of Trustees.
.............................. .............................. Mr A J Halpert Mr M S Geldzahler Trustee Trustee
Date: .............................................
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THE LONDON READING CENTRE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE LONDON READING CENTRE
I report to the trustees on my examination of the financial statements of The London Reading Centre (the charity) for the year ended 31 July 2025.
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.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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I have completed my examination. I 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 Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW Date: ............................
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THE LONDON READING CENTRE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 98,764 4,750 Total income 98,764 4,750 Expenditure on: Raising funds 4 4,175 - Charitable activities 5 99,157 2,341 Total expenditure 103,332 2,341 Net income/(expenditure) and movement in funds (4,568) 2,409 Reconciliation of funds: Fund balances at 1 August 2024 (9,406) 1,645 Fund balances at 31 July 2025 (13,974) 4,054 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 103,514 83,827 6,000 103,514 83,827 6,000 4,175 11,613 - 101,498 69,332 4,355 105,673 80,945 4,355 (2,159) 2,882 1,645 (7,761) (12,288) - (9,920) (9,406) 1,645 |
Total 2024 £ 89,827 89,827 11,613 73,687 85,300 4,527 (12,288) (7,761) |
|---|---|---|
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 2025
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Tangible assets | 12 | 3,982 | 5,309 | ||||
| Current assets | |||||||
| Cash at bank and in hand | 6,267 | 2,997 | |||||
| Creditors: amounts falling due within | 13 | ||||||
| one year | (20,169) | (16,067) | |||||
| Net current liabilities | (13,902) | (13,070) | |||||
| Total assets less current liabilities | (9,920) | (7,761) | |||||
| The funds of the charity | |||||||
| Restricted income funds | 15 | 4,054 | 1,645 | ||||
| Unrestricted funds | 16 | (13,974) | (9,406) | ||||
| (9,920) | (7,761) |
The financial statements were approved by the trustees on .........................
.............................. .............................. Mr A J Halpert Mr M S Geldzahler Trustee Trustee
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THE LONDON READING CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1 Accounting policies
Charity information
The London Reading Centre is a charitable trust registered in England & Wales.
1.1 Basis of preparation
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.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future notwithstanding the current deficit based upon the continued financial support from the community. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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 or grantors 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.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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 2025
1 Accounting policies
(Continued)
1.5 Expenditure
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).
1.8 Cash and cash equivalents
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 2025
1 Accounting policies
(Continued)
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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 Income from donations and legacies
| Unrestricted Restricted funds funds 2025 2025 £ £ Donations and gifts 56,006 - Grants 7,000 4,750 Membership Contributions 35,758 - 98,764 4,750 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 56,006 20,451 - 11,750 28,000 6,000 35,758 35,376 - 103,514 83,827 6,000 |
Total 2024 £ 20,451 34,000 35,376 |
|---|---|---|
| 89,827 |
4 Raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Fundraising and publicity | ||
| Staging fundraising events | - | 10,278 |
| Advertising | 4,175 | 1,335 |
| Fundraising and publicity | 4,175 | 11,613 |
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THE LONDON READING CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
5 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| expenditure | expenditure | |
| 2025 | 2024 | |
| £ | £ | |
| Staff costs | 44,249 | 31,965 |
| Depreciation and impairment | 1,327 | 1,770 |
| Reading Programmes | 21,280 | 15,981 |
| Other charitable activities | 9,074 | 7,244 |
| 75,930 | 56,960 | |
| Grant funding of activities (see note 6) | 3,897 | 3,983 |
| Share of support costs (see note 7) | 17,608 | 9,492 |
| Share of governance costs (see note 7) | 4,063 | 3,252 |
| 101,498 | 73,687 | |
| Analysis by fund | ||
| Unrestricted funds | 99,157 | 69,332 |
| Restricted funds | 2,341 | 4,355 |
| 101,498 | 73,687 | |
| For the year ended 31 July 2024 | ||
| Unrestricted funds | 69,332 | |
| Restricted funds | 4,355 | |
| 73,687 |
6 Grants payable
| Charitable | Charitable | |
|---|---|---|
| expenditure | expenditure | |
| 2025 | 2024 | |
| £ | £ | |
| Grants to institutions: | ||
| Other | 3,897 | 3,441 |
| Grants to individuals | - | 542 |
| 3,897 | 3,983 |
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THE LONDON READING CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
7 Support costs allocated to activities
| 7 Support costs allocated to activities |
||
|---|---|---|
| General Administration costs Governance costs Analysed between: Charity activities and programmes 8 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets |
2025 £ 17,608 4,063 21,671 21,671 2025 £ 2,400 1,327 |
2024 £ 9,492 3,252 |
| 12,744 | ||
| 12,744 | ||
| 2024 £ 2,400 1,770 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| 5 | 5 | |
| Employment costs | 2025 | 2024 |
| £ | £ | |
| Wages and salaries | 44,131 | 31,962 |
| Other pension costs | 118 | 3 |
| 44,249 | 31,965 |
There were no employees whose annual remuneration was more than £60,000.
11 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 2025
| 12 Tangible fixed assets Fixtures and fittings Computers £ £ Cost At 1 August 2024 8,614 6,907 At 31 July 2025 8,614 6,907 Depreciation and impairment At 1 August 2024 6,423 3,789 Depreciation charged in the year 548 779 At 31 July 2025 6,971 4,568 Carrying amount At 31 July 2025 1,643 2,339 At 31 July 2024 2,191 3,118 13 Creditors: amounts falling due within one year 2025 £ Other taxation and social security 585 Other creditors 17,184 Accruals and deferred income 2,400 20,169 14 Retirement benefit schemes 2025 Defined contribution schemes £ Charge to profit or loss in respect of defined contribution schemes 118 |
Total £ 15,521 |
|---|---|
| 15,521 | |
| 10,212 1,327 |
|
| 11,539 | |
| 3,982 | |
| 5,309 | |
| 2024 £ 585 12,738 2,744 |
|
| 16,067 | |
| 2024 £ 3 |
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
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THE LONDON READING CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
15 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | 1 | August | Incoming | Resources | At | 31 July | |
|---|---|---|---|---|---|---|---|
| 2024 | resources | expended | 2025 | ||||
| £ | £ | £ | £ | ||||
| 1,645 | 4,750 | (2,341) | 4,054 | ||||
| Previous year: | At | 1 | August | Incoming | Resources | At | 31 July |
| 2023 | resources | expended | 2024 | ||||
| £ | £ | £ | £ | ||||
| - | 6,000 | (4,355) | 1,645 |
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 August | Incoming | Resources | At 31 July | |
|---|---|---|---|---|
| 2024 | resources | expended | 2025 | |
| £ | £ | £ | £ | |
| General funds | (9,406) | 98,764 | (103,332) | (13,974) |
| Previous year: | At 1 August | Incoming | Resources | At 31 July |
| 2023 | resources | expended | 2024 | |
| £ | £ | £ | £ | |
| General funds | (12,288) | 83,827 | (80,945) | (9,406) |
| Analysis of net assets between funds | ||||
| Unrestricted | Restricted | Total | ||
| funds | funds | |||
| 2025 | 2025 | 2025 | ||
| £ | £ | £ | ||
| At 31 July 2025: | ||||
| Tangible assets | 2,716 | 1,266 | 3,982 | |
| Current assets/(liabilities) | (16,690) | 2,788 | (13,902) | |
| (13,974) | 4,054 | (9,920) |
17 Analysis of net assets between funds
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THE LONDON READING CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
| 17 | Analysis of net assets between funds | (Continued) | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | |||
| 2024 | 2024 | 2024 | ||
| £ | £ | £ | ||
| At 31 July 2024: | ||||
| Tangible assets | 3,621 | 1,688 | 5,309 | |
| Current assets/(liabilities) | (13,027) | (43) | (13,070) | |
| (9,406) | 1,645 | (7,761) |
18 Related party transactions
The London Reading Centre occupied rent free premises provided by one of the trustees of the charity.
The charity received membership contributions of £9,600 from a charity that some of the trustees of this charity are also trustees.
There were no disclosable related party transactions during the year (2024 - none), other than the above.
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