REGISTERED COMPANY NUMBER: CE010045 (England and Wales) REGISTERED CHARITY NUMBER: 1172563
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 October 2024
for
Reading Culture CIO
Blenheim Advisory Limited Chartered Certified Accountants 3 Feast Field Horsforth Leeds West Yorkshire LS18 4TJ
Reading Culture CIO
Contents of the Financial Statements for the Year Ended 31 October 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Notes to the Financial Statements | 8 to 10 |
| Detailed Statement of Financial Activities | 11 |
Reading Culture CIO
Report of the Trustees for the Year Ended 31 October 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2024. The trustees have adopted the provisions of 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
Objectives and aims
The objectives of the CIO are to advance education and to promote the arts and culture for the public benefit in Bradford, West Yorkshire and the surrounding areas by promoting and proving opportunities (through events and activities) for the appreciation, understanding and enjoyment of the arts of literature, language and the spoken word.
Public benefit
The CIO is focused on the development of literacy education and access to the arts and culture, with particular focus on the most socio-economically disadvantaged members of society. The public benefit of literacy education and access to the arts and culture is well-evidenced, incorporating both direct and inter-generational activities, increasing educational achievement, increasing levels of aspiration and social mobility, mental well-being and increasing civic engagement.
The trustees have complied with their duty under the Charities Act 20.11 to have due regards to public benefit guidance published by the Charity Commission for England and Wales.
FINANCIAL REVIEW
Financial position
There was minimal activity by the charity in 2024. The CIO received £117k in donations that was spent on artistic and marketing costs for the Bradford Literature Festival.
The Trustees will review how best the charity can fulfil its objectives through developing future funding relationships who share our ambitions to transform people's lives through access to literature and associated arts and culture.
Reserves policy
The Reserves Policy, set by trustees, is that the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 3 months of annual expenditure. We will work over a 3-5 year period to establish such reserves to reach this target and will review the reserves policy and target figure on a regular basis.
Risk Management
A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risk that the charity faces, whether internally and externally.
Page 1
Reading Culture CIO
Report of the Trustees for the Year Ended 31 October 2024
FUTURE PLANS
Our aim is to deliver outstanding projects which widen access to and appreciation of world-class literature and which use literacy end cultural education as catalysts for social change, disseminating best-practice. Our plans are to work with Culture Squared CIC as a partner in the delivery of Bradford Literature Festival, developing and delivering longer-term community engagement, education and other special projects which meet our charitable objectives. There are exciting years in prospect - with considerable opportunities for partnership working and delivery during Bradford 2025 (UK City of Culture) and longer term, supporting the implementation of Bradford's, West Yorkshire's and Arts Council England's cultural strategies for the benefit of people and communities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational Structure
As a foundation model CIO, the charity's only members are its trustees. All decisions are therefore made by the board of trustees, though certain classes of decision (such as changes to its constitution) have to be made by those individuals acting as members rather than as trustees.
There must be at least three Trustees. If the number falls below this minimum, the remaining Trustee or Trustees may act only to call a meeting of the Trustees or appoint a new Trustee. There is no maximum number of Trustees that may be appointed to the CIO. With the resignation of a trustee at the end of the year, the duty of the remaining two is to recruit at least other trustee before further business can be enacted.
Related parties
Culture Squared C.I.C
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
CE010045 (England and Wales)
Registered Charity number
1172563
Registered office
D0.08 Horton Building University Of Bradford Richmond Road Bradford BD7 1DP
Trustees
D J Austwick (resigned 25.10.2024) R N Baines (resigned 16.2.2024) W R Lawrence J Shurin
Page 2
Reading Culture CIO
Report of the Trustees for the Year Ended 31 October 2024
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Blenheim Advisory Limited Chartered Certified Accountants 3 Feast Field Horsforth Leeds West Yorkshire LS18 4TJ
Approved by order of the board of trustees on ............................................. 2-7-2025 and signed on its behalf by:
.......................................................... W R Lawrence - Trustee
Page 3
Independent Examiner's Report to the Trustees of Reading Culture CIO
Independent examiner's report to the trustees of Reading Culture CIO ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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 accounts to be reached.
M Arshad
Blenheim Advisory Limited Chartered Certified Accountants 3 Feast Field Horsforth Leeds West Yorkshire LS18 4TJ
Date: .............................................
Page 4
Reading Culture CIO
Statement of Financial Activities for the Year Ended 31 October 2024
| 2024 | 2023 | |
|---|---|---|
| Unrestricted | ||
| **funds ** | Total funds | |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 117,593 | 79,221 |
| EXPENDITURE ON | ||
| Raising funds | 60 | 50 |
| Charitable activities | ||
| General | 117,533 | 79,171 |
| Total | 117,593 | 79,221 |
| NET INCOME | - | - |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | - | - |
| TOTAL FUNDS CARRIED FORWARD | - | - |
The notes form part of these financial statements
Page 5
Reading Culture CIO
Balance Sheet 31 October 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | |||
| **funds ** | Total funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 4 | 50,000 | 10,000 |
| Cash at bank | 3,665 | 10,268 | |
| 53,665 | 20,268 | ||
| CREDITORS | |||
| Amounts falling due within one year | 5 | (53,665) | (20,268) |
| NET CURRENT ASSETS | - | - | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | - | - | |
| NET ASSETS/(LIABILITIES) | - | - | |
| FUNDS | 6 | ||
| TOTAL FUNDS | - | - |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
Reading Culture CIO
Balance Sheet - continued 31 October 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on …….-…………………………….2/7/2025 and were signed on its behalf by:
............................................. W R Lawrence - Trustee
The notes form part of these financial statements
Page 7
Reading Culture CIO
Notes to the Financial Statements for the Year Ended 31 October 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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continued...
Reading Culture CIO
Notes to the Financial Statements - continued for the Year Ended 31 October 2024
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |||
|---|---|---|---|
| funds | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 79,221 | ||
| EXPENDITURE ON | |||
| Raising funds | 50 | ||
| Charitable activities | |||
| General | 79,171 | ||
| Total | 79,221 | ||
| NET INCOME | - | ||
| TOTAL FUNDS CARRIED | |||
| FORWARD | - | ||
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors | 50,000 | 10,000 |
Page 9
continued...
Reading Culture CIO
Notes to the Financial Statements - continued for the Year Ended 31 October 2024
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Trade creditors | 53,665 | 20,268 | ||
| 6. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1/11/23 | in funds | 31/10/24 | ||
| £ | £ | £ | ||
| TOTAL FUNDS | - | - | - | |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 117,593 | (117,593) | - |
| TOTAL FUNDS | 117,593 | (117,593) | - |
7. RELATED PARTY DISCLOSURES
During the year, the CIO received a donation from Culture Squared C.I.C of £5,593 (2023 : £58,981).
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Reading Culture CIO
Detailed Statement of Financial Activities for the Year Ended 31 October 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Raising donations and legacies Fundraising costs Charitable activities Artistic fees Support costs Management Advertising Governance costs Other office costs Total resources expended Net income |
2024 £ 117,593 117,593 60 59,713 56,855 965 117,593 - |
2023 £ 79,221 |
|---|---|---|
| 79,221 50 488 78,491 192 |
||
| 79,221 | ||
| - |
This page does not form part of the statutory financial statements
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Reading Culture CIO D0.08 Horton Building University Of Bradford Richmond Road Bradford BD7 1DP
Company Registration: CE010045
28 February 2025
Blenheim Advisory Limited 3 Feast Field Horsforth Leeds LS18 4TJ
Dear Blenheim Advisory Limited,
This representation letter is provided in connection with your preparation of the financial statements, etc. of Reading Culture CIO for the 31 October 2024 for the purpose of filing the financial statements with Companies House, computing the tax liability, etc. of Reading Culture CIO in accordance with The Companies Act 2006 and FRS 102 “The Financial Reporting Standards applicable in the UK and Republic of Ireland” (“FRS 102”).
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I acknowledge as director my responsibility, as set out in the terms of your engagement under the Companies Act 2006 for preparing financial statements in accordance with The Companies Act 2006 and FRS 102 which you have drafted on my behalf, which give a true and fair view of the financial position of Reading Culture CIO as of 31 October 2024 and of the results of its operations for the year then ended and for making accurate representations to you.
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Significant assumptions used by me in making accounting estimates, including those measured at fair value, are reasonable.
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I have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
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I have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements and these have been disclosed in accordance with the requirements of accounting standards.
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Related party relationships and transactions have been appropriately accounted for and disclosed and I am not aware of further related party matters that require disclosure.
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All events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or included in the financial statements.
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I confirm that, having considered my expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern. I confirm that the disclosures in the accounting policies are an accurate reflection of the reasons for my consideration that the financial statements should be drawn up on a going concern basis.
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All accounting records and relevant information have been made available to you for the purpose of your preparation of the financial statements, etc. I have provided to you all other information requested and given unrestricted access to persons within the entity from whom you have deemed it necessary to request information. All other records and related
information [including minutes of all management and shareholder’s meetings] have been made available to you.
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All transactions undertaken by the company have been properly reflected in the accounting records and are reflected in the financial statements.
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I acknowledge my responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. I have disclosed to you the results of my assessment of the risk that the financial statements may be materially misstated as a result of fraud.
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I have disclosed to you all information in relation to fraud or suspected fraud that I am aware of and that affects the entity and involves, management, employees who have a significant role in internal control, or others, where fraud could have a material effect on the financial statements.
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I have disclosed to you all information in relation to allegations of fraud, or suspected fraud affecting the entity’s financial statements communicated by employees, former employees, analysts, regulators or others.
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I confirm that I am not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the company conducts its business and which could affect the financial statements. The company has complied with all aspects of contractual agreements that could affect the financial statements in the event of non-compliance.
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I confirm that I have disclosed to you the identity of the entity’s related parties and all related party relationships and transactions relevant to the company that I am aware of.
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The company has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements.
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There are no liabilities, contingent liabilities or guarantees to third parties other than those disclosed in the financial statements.
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I have considered the impact of FRS 102 S1a on the financial statements and have concluded that, other than formatting changes, no adjustments are required to the reported results of either 31 October 2023 or 31 October 2024.
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The company has at no time during the year entered into any arrangement, transaction or agreement to provide credit facilities (including loans, quasi loans or credit transactions) for directors, nor to guarantee or provide security for such matters, except as disclosed in the financial statements.
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I confirm the income and expenditure reflected in the accounts are true as at 31 October 2024 and not all transactions were made from the bank account.
I confirm to the best of my knowledge and belief that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy myself that I can properly make each of the above representations to you.
Yours faithfully
Signed on behalf of the board of directors
…………………………………………… Reading Culture CIO Date: 2 July 2025