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2024-08-31-accounts

Reading Charity r ' l j,Itl,, . Annual Report For the year ended 31st August 2024

Contents

Trustees, officers and professional advisors .....................3 Chief Executive’s message ..........................................................4 Our vision, mission and values .................................................6 Trustees’ Report .................................................................................7 Our three-year strategy ............................................................8 Theory of Change ........................................................................17 Independent Auditors’ Report ..................................................25 Statement of financial activities ...............................................29 Balance sheet .....................................................................................30 Cash flow statement .......................................................................31 Notes to the Financial Statements .........................................32

Registered Charity No. 1177681 (England & Wales) Registered Company No. 11104438 Bookmark is committed to safeguarding and promoting the wellbeing and welfare of children.

Bookmark Annual Report l 2023/24 2

Trustees, officers and professional advisors

Reference and Administrative Information

Principal Office and Registered Office:

Third Floor

Charles House 5-11 Regent Street St James’s London SW1Y 4LR

Charity Number: 1177681

Company Number: 11104438

Key Management Personnel

Current:

Emily Jack Chief Executive Officer Francis Smith Chief Finance and Operations Officer Dionne Campbell Head of Technology Daniel Oliver Head of Marketing and Communications (joined 12 February 2024) Laura Burke Head of Fundraising (promoted 22 February 2024) Anna Croghan Head of Volunteering (joined 26 February 2024) Lauren Landi Head of Schools (joined 6 November 2024)

Post holders during the period:

Trustees (who are also the Directors of the Charitable Company)

Paul Fletcher

Philip Neal Sharon Pindar

Chloe Wright Helen Jones (appointed 1 April 2024) Mark Byrne (appointed 1 September 2024) Charles Walker (resigned 31 March 2024) Nicole Yost (resigned 16 November 2023)

Emily Gibbons Head of Fundraising (returned from maternity leave 27 October 2023 and resigned 18 July 2024) Alex Hay Interim Head of Fundraising (contract ended 30 November 2023) Natalie Higgins-Galsworthy Head of Communications and Ambassador Relations (resigned 15th January 2024) Beatrix Stafford-Smith Head of Schools (promoted 1 September 2023 and resigned 8 May 2024)

Independent Auditors: Hazlewoods LLP, Staverton Court, Staverton, Cheltenham GL51 0UX

Solicitors: Addleshaw Goddard LLP, One St Peter’s Square, Manchester M2 3DE Bankers: Santander, Bootle, Merseyside L30 4GB Investment Managers: Killik & Co, 46 Grosvenor Street, London W1K 3HN

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Chief Executive’s message

As we reflect on the past year, I am immensely proud of what we have achieved at Bookmark Reading Charity. Our vision remains as vital as ever: we want every child to read.

Despite ongoing challenges – social, economic and educational – your support as donors, trustees, supporters and volunteers has been instrumental in helping us to extend our reach and deepen our impact. Your unwavering belief in our mission fuels our ability to offer meaningful support to the children who need it most. Thank you for being part of Bookmark’s journey.

We know that access to reading materials is critical in fostering a love for reading. This year, we provided over 58,000 children with brand new books to ensure that children from disadvantaged backgrounds have the resources they need to explore, learn and grow. Furthermore, we distributed 447,600 copies of The Story Corner magazine – a resource aimed at supporting children with few to no books at home to maintain reading engagement over the school holidays. Our magazine reaches communities most in need and it is distributed through foodbanks, children’s hospitals, prisons, community centres and family support agencies as well as schools.

In the last year, we reached 2,045 children through our One-to-one Reading Programme and delivered 43,779 reading sessions – more than double the number of sessions provided just two years ago. We also launched two new programmes: the Story Starter Programme and the Literacy Partner Programme. These programmes have been designed to support early readers and foster whole school reading cultures.

Our efforts have been widely recognised too with a record-high Net Promoter Score of 72 from schools. A clear signal that schools see Bookmark as a highly impactful and valued partner in improving literacy. Importantly, 94% of teachers noticed increased confidence in their pupils’ reading abilities and 99% of teachers confirmed that Bookmark had a positive impact on their students.

Beyond numbers, these achievements reflect the heart of our work: helping children from disadvantaged communities overcome the barriers to literacy. The Fair Education Alliance recently reported that children from disadvantaged backgrounds are leaving primary school 10 months behind their peers; this is the widest gap since 2014. Both the pandemic and cost of living crisis has played a part in this, however, the need to read well is crucial to children’s futures. With your help, we are working to close this gap and change the trajectory of these children’s lives.

Being able to read not only opens doors to educational success but also fosters emotional wellbeing, creativity and self-confidence.

Children need our help more than ever. Our work continues and, looking ahead, our goals are ambitious. Over the next three years, 500,000 children will benefit from one of our reading

programmes, across 1,000 schools. Our new strategy, rooted in data and learning, ensures we focus on schools with the greatest need. We will be helping those with higherthan-average levels of deprivation and lower reading scores. We will continue to measure our impact closely; this will be at both individual and school-wide levels.

Together, we can tackle the UK’s literacy crisis. Children must leave primary school with the reading skills they need to succeed.

Emily Emily Jack Bookmark Chief Executive Officer

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Our vision, mission and values

Vision:

Mission:

We want every child to read.

We improve children’s literacy by promoting a reading for pleasure culture in primary schools, with a focus on supporting children in the most disadvantaged communities.

Our values:

We have heart

We act with integrity

We are curious

We make it happen

We are a team

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Trustees’ Report

The Trustees of Bookmark Reading Charity are delighted to present their report and financial statements for the year ended 31 August 2024.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: 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 (Charities SORP (FRS 102)).

Building on our success over six years, we’re now deepening our impact by fostering a love of reading among more children. Over the next three years, we are aiming to reach 1,000 schools and benefit 500,000 children, ensuring they have the opportunity to experience the transformative power of literacy. Our strategy explains how we will improve children’s literacy by building a whole school reading culture around reading for pleasure. This strategy embodies our commitment to prioritising children in disadvantaged communities, where the barriers to reading are greatest.

Objectives and activities

At the heart of our mission is a simple yet powerful vision: we want every child to read and since our beginning in 2018, Bookmark have been dedicated to addressing the literacy gap that leaves more than 1 in 4 children leaving primary school without adequate reading skills.

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Our three-year strategy

The highlights 2024–27

We will achieve our mission by implementing the following five pathways to reading:

This work will be underpinned by our 10 literacy programmes:

----- Start of picture text -----
1
One-to-one reading
1. One-to-one Reading
support and positive role
Programme
models
2
5. Rocket Packs
Engaging reading spaces
and high-quality, diverse
reading resources
5
Family and
parental
3
engagement
Teacher training
and resources
4
Creating a reading
buzz across the
whole school
More information on
our three-year strategy
can be found here .
----- End of picture text -----

6. Grants and Support Programme

2. Literacy Partner Programme 3. Your Story Corner Programme

7. Story Starter Programme

8. The Story Corner Magazine

----- Start of picture text -----
4. School Network Programme
5. Rocket Packs
----- End of picture text -----

9. Book clubs

10. Family Engagement Programme

Children need us now more than ever

We have big ambitions to expand our reach and increase our depth of support for children in the most disadvantaged communities. Over the course of the next three years, we aim to have benefited 500,000

children across 1,000 schools by improving reading levels and engagement on both a one-toone and whole school level.

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Our achievements and performance

During the academic year 2023/24, we have been developing and enhancing our programmes in anticipation of our new three-year strategy. We have piloted and implemented new programmes which we plan to expand over the next three years.

One-to-one Reading Programme

Schools on our One-to-one Reading Programme

We work with schools to develop whole school reading cultures. Schools participating in our One-to-one Reading Programme do so on a package basis which links the number of programmes they run to a range of benefits. Over the course of the year, we have reviewed the schools who receive our One-to-one Reading Programme to ensure they align with our eligibility criteria. During the year we have reduced the number of partner schools receiving our One-to-one Reading Programme to provide a deeper level of support for the children who need this support the most.

Number of schools receiving our One-to-one Reading Programme

2020/21 2021/22

90

90 171 (56% in London) (56% in London)

2022/23 2023/24

146 (40% in London)

Case Study: Athelstan Primary School

At Athelstan Primary School, based in Sheffield, almost a third of children at the school receive pupil premium funding (31%) and many speak English as an additional language. Athelstan received Bookmark’s Your Story Corner pack this year with 200 brand-new, high-quality books and reading resources for children aged 4 to 9 to revitalize their reading spaces and encourage reading for pleasure.

We spoke to the English lead at Athelstan Primary School who said the Your Story Corner resources came at a ‘perfect time’ as the school began to envision their whole school reading culture for the first time. They have already noticed some ‘really positive engagement’ with the new books. We were told that children who were previously not reading ‘are now genuinely enjoying what they read’ and that ‘ it’s pleasurable to them instead of a task to be ticked off the list.’

Your Story Corner packs are carefully curated to include a variety of diverse and inclusive books. With the school based in a diverse area ‘having an injection of a new kind of very wellchosen stock that reflects current

priorities around representation both in terms of characters and authors is really good’. The children at Athelstan have reading time before school every day and there has been a noticeable change in excitement around the books that has ‘made children reflect more on what they’re going to enjoy’. For example, ‘some children have really diversified what they’re choosing [to read]. I’m not getting children exclusively going to get another Roald Dahl book because that’s the only author they’ve ever heard of. There’s definitely a wider range of books that [the children] are interested in’.

It’s not just the children who have a more positive engagement with reading and the reading spaces of the school, but the staff too, who have been ‘redirected to the importance of what their reading area looks like. We’ve gone from some quite tatty piles of stock to staff involving children in organising the books and [thinking] how you market them in a way that makes them looks like you want to read them.’

157 (42% in London)

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I’ve been volunteering with Bookmark for a few years and find them an excellent organisation. The resources are great, and the arrangements are clear. That means all volunteering time is spent directly supporting the reader. This is very unusual in volunteering, and is a very fulfilling experience for the volunteer, and I think for the reader too. Congratulations to the whole team.”

*Provided by a volunteer through the End of Programme survey in Summer 2023/24.

Volunteers

Volunteers are at the heart of what we do at Bookmark. Our volunteers come from a wide range of backgrounds, and our growth in volunteer numbers is largely linked to our always-on marketing activity or through our corporate partners, where employees donate their time as volunteers. We have expanded our volunteering opportunities to new cohorts. This includes our new corporate volunteering offer and Reading Mentor programme for 16-17 year olds.

We want to celebrate our volunteers and the time they give to read with children on Bookmark programmes. We are grateful for all the time and support our volunteers give to the children on our programmes.

Number of Volunteers

----- Start of picture text -----
2020/21 2021/22
1,167 1,766
----- End of picture text -----

2022/23 2,186

----- Start of picture text -----
2023/24
----- End of picture text -----

----- Start of picture text -----
2,937
----- End of picture text -----

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Number of children supported

This year, we have been able to support 1,842 children with at least one full One-to-one Reading Programme and 2,056 pupils received at least one reading session this year. We have been able to deliver this support through 43,779 reading sessions which is close to 22,000 hours of one-to-one reading support, equivalent to 2.28 years of continuous reading.

On average, children have received over 21 one-to-one reading sessions throughout the year, this is up from 17 in the prior year. This increased number of sessions per child has led to a decrease in the number of pupils supported. However, those pupils are receiving a greater level of individual support.

Number of children supported

2020/21

2021/22

871

1,384

2022/23 1,856

2023/24 1,645

Case Study: Reading progress in a London partner school

skyrocketed.’ In just having half an hour every week or more, they were able to grow to identify themselves as readers. The programme was seen as ‘special time to read’ and meant the children didn’t realise it was a reading intervention.

A London-based primary school partnered with Bookmark to provide one-to-one reading support to children at their school who must overcome additional barriers as they learn to read. Two children, Amy and Eden, started Year 2 reading at an early Year 1 level. They were extremely far behind, and were facing the SATs, national curriculum assessments which they would need to complete at the end of the year. They were assigned to Bookmark’s reading programme, because even though they were making progress at school, they didn’t have anyone reading with them at home.

With Bookmark’s support both children made rapid progress.

‘They’re now in Year 3 and reading at the expected level. Even though they were 6 to 8 months behind, they’ve now caught up to where they should be. As their teachers it was amazing to see them go into Key Stage 2 and be ready for it.’

*Children’s names have been changed for anonymity.

Their teacher explained that ‘on the Bookmark programme their confidence

2020/21 2021/22

13,993 23,870 reading sessions reading sessions 2022/23 2023/24

40,100 43,779 reading sessions reading sessions

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Other literacy programmes

Our new three-year strategy is focused on five pathways to reading:

Your Story Corner Programme

We create engaging reading spaces with high-quality reading resources. This includes 200 new books, teacher CPD resources and engaging materials. These spaces foster an environment for children to become confident young readers and inspire a lifelong love of reading.

This year, we launched our Your Story Corner Programme into three new areas:

These pathways are underpinned by 10 literacy programmes, nine in addition to our One-to-one Reading Programme.

----- Start of picture text -----
Sheffield
116 schools /
23,200 books
----- End of picture text -----

----- Start of picture text -----
Wolverhampton
62 schools /
12,400 books
----- End of picture text -----

----- Start of picture text -----
Barking & Dagenham
50 schools / 10,000 books
----- End of picture text -----

----- Start of picture text -----
Next year, we will continue to expand
into new areas, with a focus on
Derbyshire in Autumn 2024.
----- End of picture text -----

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Literacy Partner Programme

Following an in-depth literacy consultation, we provide a detailed and tailored action plan to each school to help them deliver improvements in whole school reading cultures. This action plan is accompanied by targeted funding of up to £10,000 per school. Our Literacy Partner Programme is also an incubator for developing and evaluating new service lines. This gives us the opportunity to test different ways of embedding a whole school reading culture in a school. Once new service lines have been tested on a small scale, and an effective impact has been seen, these service lines can be offered as part of one or more of our programmes.

We launched our multi-year Literacy Partner Programme grants in the summer term, working with 40 schools to develop two-year action plans to develop a whole school reading culture. The second cohort for this programme will be 50 schools and it will launch in January 2025.

Story Starter Programme

Our early years provision includes packs with resources for children aged 4-5. This is to help ignite the joy of reading from an early age and equip children with resources before starting at one of our partner schools. These packs have been created by following the government’s non-statutory curriculum guidance for the Early Years Foundation Stage. They include a book, an early year’s version of our The Story Corner magazine, stationery, storytelling props and family engagement resources to inspire reading enjoyment at home and in the classroom. We want all children to start school with the resources they need to set them up for success.

We launched our Story Starter Programme to support early years development. Curated with the government’s non-statutory guidance Development Matters in mind, these packs went to 1,445 children before the summer holidays.

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The Story Corner Magazine

Our termly magazine provides high-quality reading materials for children to take home. The magazine is designed and distributed to children who may not have a book at home to prevent learning loss outside school settings. It is distributed through schools and community settings, including food banks, warm banks, prisons, hospitals and refuges.

We celebrated our 10th issue of the Story Corner Magazine this year. We have sent 447,600 copies this year across school and community-based settings. We launched our early years version of the Story Corner Magazine which was included in our Story Starter Packs and our Graphic Novel copy is going live in Autumn 24/25.

Rocket Packs

Schools are sent termly packs of new, highquality and diverse books. Each of these packs is centred on a different theme, focusing on the type of books we know are often missing from school libraries (i.e. graphic novels, poetry, nonfiction). We invite a different figure or organisation, well known in the education or literacy space, to curate these book packs. The packs are sent out with our scrapbooks as part of a whole school reading challenge to help embed a rich reading culture.

We sent 80 non-fiction themed rocket packs in the Autumn, followed by 110 ‘picture books for all ages’ themed packs in the Spring. Summer packs landed in September and are ‘Books with a Sprinkle of Magic’ themed.

School Network Programme

This programme is designed to build on the foundations of the Your Story Corner Programme by providing sustainable ongoing support to schools. This is to continue the improvement of whole school reading cultures. Each school within the network benefits from up to £1,000 of resources per year, plus access to resources and training developed by us. The programme will provide networking opportunities for teachers and literacy leads to collaborate and share best practice.

To build on the success of our Your Story Corner Programme we launched the School Network Programme with 83 schools across Birmingham, Nottingham, Medway and Lincolnshire.

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Grants and Support Programme

We provide schools with CPD grants and access to memberships with third-party organisations to assist them with embedding a whole school reading culture in their school. We also run webinars, distribute videos and provide other resources to help with teacher training.

We offered 38 grants across our partner schools this year to support teacher CPD and whole school reading culture initiatives. The grants will support literacy projects at the start of the new academic year.

Book Clubs

We are developing a range of book clubs to engage reluctant readers. Schools are provided with mini libraries in each genre, plus additional resources to spark a reading buzz. We provide a plan for 10 book club sessions so that teachers have a clear understanding of the outcome for each session. The book clubs have been designed to run termly.

We delivered 13 comic book clubs this year across our schools. The team are currently developing our next club, nonfiction, which will launch this year. This new pack will provide a reading club for reluctant readers, focused on fact finding!

----- Start of picture text -----
During the year,
----- End of picture text -----

Family Engagement Programme

We understand the challenges that many schools face with family engagement. We will provide support in disadvantaged communities by distributing home resources and video content to empower family members to support their child’s reading for pleasure and become reading champions at home. We will build strategic collaborations to enhance our work and amplify other organisations’ work in this area.

This is a new programme of work, which is being developed as part of our new three-year strategy. As part of our Story Starter Programme, parents were provided with videos guides supporting parents with engaging storytelling, reading wordless stories and how to use the resources provided in the pack.

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Our plans for the future

In 2024/25 , we aim to deliver:

50,000 164 545 reading sessions to children, Your Story Corner packs Rocket Packs which will represent 14% across three new regions growth year-on-year

500,000 Story Corner magazines across our partner schools and our communities

62

Bookmark’s impact and evidence

At Bookmark, our programmes support reading for pleasure in children aged 4 to 10 years old, which has a strongly evidenced link to improvements in children’s reading attitudes, behaviours, skills and reading attainment. We evaluate the changes in children on our programmes to ensure that we can demonstrate these outcomes for participating children. We also evaluate how our programmes support reading for pleasure in schools.

individual grants across our gold and platinum schools to support CPD and whole school reading culture initiatives

70 Book Clubs

82 Our School Network Programme to 82 schools

4,000 Story Starter Packs to children ahead of the summer holidays

Vital to achieving this is making sure that our programmes are based on data and research, to ensure that we have the maximum impact. Our One-to-one Reading Programme was designed using evidence-based recommendations from The Education Endowment Foundation (EEF) and The Open University (The OU). Every year we share our evaluation findings in our Impact Report. This is available at the start of the calendar year following the end of the most recent academic year . The latest full report is available here .

18,000 Our Family Engagement Programme to 18,000 families

50

new Literacy Partner Programme grants will be awarded

We will deliver these targets by embedding our three-year strategy, focusing on our strategic aims to expand our reach and increase our depth. We will leverage the foundations of our strategy to continue to drive performance to enable more children to read.

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Theory of Change

Problems

Many children leave

primary school with poor reading skills

which directly contributes to poor educational attainment, lower literacy in adulthood and barriers to success in life.

Many children do not have opportunities for one-to-one reading or reading role models. Less able readers have fewer opportunities to improve their reading.

Many children do not

enjoy reading.

Many children do not own their own book or have access to a library. Many children struggle to see themselves in what they read.

Schools have limited

resources and support to develop reading for pleasure and wholeschool reading culture.

Inputs

Our team – with strong expertise and experience of partnering with schools to develop offerings that are informed by data-driven insights, a strong evidence base, ongoing evaluation and impact measurement.

Our volunteers – who are enthusiastic, trained and supported by Bookmark to volunteer online and in-person.

Our technology – which is utilised to support effective and responsive programme booking and delivery, including via an online reading platform.

Our resources – curated, high-quality, and diverse books and reading resources.

Our training – CPD for teachers and support for family engagement.

Activities

Our reading programme, in which trained Bookmark volunteers deliver one-to-one reading sessions to children aged 5-10.

Curation and delivery of new, high-quality and diverse books and reading resources, including our own termly The Story Corner magazine, which enhance reading spaces in schools.

Provision of grants, literacy consultancy and training resources, with a focus on facilitating teacher training and access to CPD.

Organisation of events, such as book clubs and author visits, with a focus on schools to generate a buzz around reading.

Collaborating with schools to promote family and parental engagement.

Outputs

Outcomes

Schools improve their one-to-one reading support and children connect with positive role models .

Children attend reading sessions with a volunteer, engaging in one-to-one reading support .

Children and schools have brand new, diverse, high-quality books and reading resources, including The Story Corner magazine.

Schools improve their reading resources and reading spaces to encourage children’s reading for pleasure .

Schools access grants, literacy consultancy support and training resources to support reading for pleasure and build whole school reading cultures .

Schools have access to quality teacher training and resources, which improve their approach to reading for pleasure .

Schools generate a buzz around reading .

Schools improve parental and family engagement with reading.

More children leave primary school having discovered the joy of reading, which better sets them up for success.

Impact

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Academic year 2023/24

This year, Bookmark’s internal evaluation of our core programme continued to collect and analyse:

We have been communicating evaluation findings as concise, termly updates internally at Bookmark. This has ensured continuous improvement actions were identified and acted on as early as possible throughout the year.

In addition to measuring the core One-to-one Reading Programme, the ongoing impact of our Your Story Corner Programme, the Story Corner Magazine and the Rocket Packs have been assessed. These initiatives have continued to produce consistently positive evaluation findings as delivery has extended to new schools and districts. Evaluation data collected through teacher and pupil surveys shows that these initiatives have contributed towards the aims of:

We have been working on individual evaluation frameworks for each of programmes, aligned to our new pathways to reading and theory of change.

During the year, we completed a one-year study with ImpactEd on the effectiveness of our One-to-one Reading Programme. The study assessed the attainment progress of pupils who participated in our reading programme throughout the 2023/24 academic year. Data was collected in the form of standardised reading scores from 18 partner schools, including 265 pupils who had been selected for the programme and 648 pupils who had not.

The analysis examined the reading scores of pupils who participated in the programme between the start and end of the academic year and presents their progress. The study further analysed results based on pupil characteristics, providing insights into how the programme

benefits specific groups, particularly those eligible for pupil premium. It compared outcomes between participating pupils and a matched control group of pupils not in our programme using one-to-one propensity score matching to understand how the progress made by pupils on the One-to-one Reading Programme compares with similarly matched pupils not in our programme.

Finally, the study investigated the impact of dosage through the number of sessions per One-to-one Reading Programme and the number of One-to-one Reading Programmes completed by pupils throughout the academic year. Findings were tested for statistical significance and are presented alongside recommendations and supporting evidence for the design of the One-to-one Reading Programme.

Further details and the outcomes of this study can be found here .

In collaboration with ChapterOne, we worked with an external consultant to understand how we can bring children’s voices into our evaluation work. We will be implementing this, in the coming term, to greater understand the impact of Bookmark, through the experience of children on our programmes.

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Measuring our impact in 2024/25

The change we want to make

What we plan to measure

How we will use what we learn

How we will measure it

How we will communicate what we learn

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Public Benefit

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit when reviewing our strategic aims and in planning the activities of the Charity.

The Trustees have satisfied themselves that Bookmark meets the public benefits requirements, in particular:

  1. The objectives of the Charity are clear – Bookmark was set up to advance the education of children in the United Kingdom, in particular by promoting and supporting the development of literacy;

  2. The aims and activities of the Charity are directly related to its objective, as set out in this report;

  3. The people who receive support are entitled to do so according to the criteria set out in the Charity’s objectives – all of Bookmark’s work is focused on children in the UK who require additional reading support.

Financial Review

Bookmark’s total income increased to £7.1m from £4.2m, an increase of 70%. During the year, we accrued a significant philanthropic gift which has been committed over the next five years.

Total expenditure of £4.0m was £0.5m higher than the previous year’s expenditure of £3.5m. The increase in expenditure is attributed to the expansion of our literacy programmes during the financial year.

We finished the year with a surplus of £3.1m (2023: £0.7m) and reserves of £5.1m (2023: £2.0m). A significant portion of those reserves is linked to a singular philanthropic gift, which the Trustees have designated to support the expansion of our literacy programmes under our three-year strategy. The closing balance of the Literacy Partner Programme Fund is £2.5m (2023: £nil). The charity holds £0.4m (2023: £0.1m) as restricted reserves for programmatic activity in the upcoming academic year and a Fixed Asset designated fund of £0.2m (2023: £0.3m). The remainder of our free reserves, £2.0m (2023: £1.6m) is held to underpin our operations for the coming year and represents just over seven months of our operational spend for the budgeted 2024/25 year. This is within our reserves policy of 25% above or below six months forecasted expenditure.

Our trading subsidiary, Bookmark Reading Trading Limited, produced a surplus of £82k (2023: £46k), which was recognised as income within the charity. Further information is included in Note 13.

A strategic priority of the fundraising team is to continue to grow income from sources beyond the Pindar family network, which will help to prevent an overreliance developing on any one set of donors. The generous support from Literacy Capital and the Pindar family represents 21% of our income in the current financial year. We do remain confident that the Pindar family and Literacy Capital plc will remain committed long-term supporters as they care passionately about improving literacy in the UK. Sharon Pindar knows from personal experience, the impact poor literacy can have on a person’s life, and that of their families.

We are hugely thankful for the continued support from all our donors; their financial support provides the income which enables us to continue our work and to future-proof our organisation to support more children on their reading journeys.

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Structure, Governance and Management

Constitution

Bookmark Reading Charity is both a registered charity and a company limited by guarantee. It was incorporated as a limited company on 8th December 2017 and registered as a charity on 23 March 2018. The Charity changed its name from Bookmark Reading Limited to Bookmark Reading Charity on 28 January 2018. It is governed by its Memorandum of Association.

Governance and Management

The Articles of Association require that there are not less than two and not more than eight Trustees and at least one Trustee must be a natural person. A Trustee may hold office for a period of three years and any retiring Trustee who remains qualified may be re-appointed. The Board of Trustees meets quarterly, and ensures the Charity is well managed and operating within agreed policies, the law and its budget.

The Trustees have reviewed the Charity Governance Code and are using the principles and recommended practice for good governance to effectively manage and control the charity.

The Charity is governed by a Board of Trustees, comprising of Sharon Pindar (Chair of Trustees), Paul Fletcher (Treasurer), Phil Neal, Chloe Wright Helen Jones and Mark Byrne. Each new Trustee is given an appropriate induction and training

relevant to their responsibility. At least one Trustee on the Board is a trained reading volunteer.

The Board delegates the day-to-day management of the Charity to the Chief Executive Officer and the Senior Leadership Team.

Fundraising

Bookmark Reading Charity is compliant with the standards set by the Fundraising Regulator in its ‘Code of Fundraising Practice’. We are pleased to make this commitment and feel it gives both our donors and supporters confidence in our fundraising practices. Bookmark’s fundraising team has experience in the Code of Fundraising Practice and associated Rulebooks.

We are mindful during our fundraising activities not to be unreasonably persistent or to apply undue pressure on anyone, or to intrude on anyone’s privacy. The Charity did not undertake any telephone, doorstep or lottery fundraising in the year.

The Charity received no complaints relating to its fundraising activities during the year.

Pay Policy for Key Management Personnel

The Trustees consider the Board of Trustees and the Senior Leadership Team to comprise the key management personnel of the Charity, in charge of directing and controlling, running and operating the Charity on a day -to-day basis.

All Trustees give of their time freely and no Trustee received remuneration during the year. The only payments made were for reimbursed expenses.

Details of related party transactions are disclosed in note 22 to the accounts. The pay of the Chief Executive Officer and senior staff is reviewed annually based on performance and normally increases in accordance with average earnings.

The remuneration is set to ensure it is both fair but also will attract and retain staff of the appropriate calibre and experience required by the Charity.

Bookmark Annual Report l 2023/24 21

Staff and Volunteers

At the 31st August 2024, Bookmark had a team of 42 individuals (41 FTE). The Charity also had 2,937 vetted and trained volunteers.

In addition to the Charity’s Board of Trustees, Bookmark has established the following Boards:

----- Start of picture text -----
Corporate Partnerships Board Responsible for devising and implementing plans to generate income for the Charity from the corporate sector and
identifying sources of corporate volunteers.
Technology Advisory Group The primary purpose of the Technology Advisory Group is to advise on how best to apply industry best practices and
provide a comprehensive peer review and oversight of our current and future technology developments. They also
ensure the Charity receives input from different technology sectors to support, confirm and challenge our decision-
making and development.
Volunteer Advisory Board Responsible for providing feedback, inspiration, challenge, guidance and occasional system testing to ensure
Bookmark continues to provide a fulfilling and beneficial volunteer experience.
Marketing Advisory Board Responsible for providing strategic input into our marketing and communications strategy, including volunteer and
school attraction, digital marketing, brand awareness and PR.
Primary School Advisory Board Responsible for providing feedback, inspiration, challenge, and guidance to ensure that Bookmark provides what
our customers need, i.e., schools.
Finance and Risk Committee Responsible for providing oversight on our financial performance and controls, compliance with standards of
business conduct and other legal and regulatory matters, which included the appointment of our external auditors
and the integrity of our financial statements. This committee supports our risk management framework and our
policy review cycle.
Operations Board The board supports exploring Bookmark’s ‘problem statements’ to aid solutions by generating innovative ideas by
engaging with operational matters at Bookmark.
The board provides insights into new or innovative ways of working, enhancing Bookmark’s offering. This is to ensure
Bookmark is a high-impact literacy charity that is data-driven, technology-led and runs efficiently.
Investment Committee The committee comprises our Chair, Treasurer, Chief Executive and Chief Finance and Operations Officer. This group
oversees the Charity’s investments on behalf of the Board of Trustees.
----- End of picture text -----

These advisory boards have no delegated authorities, cannot pass resolutions on behalf of the Charity, and cannot direct the Senior Leadership Team or other employees of the Charity.

All our staff, volunteers and supporting boards are vital to the work of the Charity, and they have contributed enormously to the success of the organisation and to the services it provides. The Trustees record their sincere appreciation of the contribution from all our staff, volunteers and supporting boards.

Bookmark Annual Report l 2023/24

22

Donated Services

We are extremely grateful to the various organisations and individuals who have supported us. We have been provided with management consultancy, legal advice, technology and other incredibly helpful support.

Reserves Policy

While the Charity has continued to develop a range of income-generating activities to support its charitable activities, Bookmark Reading Charity is heavily reliant on voluntary donations. A significant proportion of this income must be newly generated each year. Bookmark’s donors to date have mainly comprised a small number of significant contributors, including Trusts and Foundations, Major Donors and Corporate Partners. To prevent an overreliance developing on any one set of donors, we plan to continue diversifying our income through engaging new supporters. Our emphasis remains on building long-term sustainable support from corporate donors and major givers.

The Trustees duly consider the uncertainties around funding when setting the Charity’s reserves policy. The Trustees aim to generate reserves that are sufficient to underpin the commitment to the continued growth and development of our services.

During the year, the Trustees have created a designated reserve to underpin our long-term commitment to our Literacy Partner Programme. This is shown separately to our free reserves.

The Charity reserves policy states that we aim to have reserves equivalent to ±25% of six month’s forecast expenditure over the coming 12 months. As at 31 August 2024, we have built up unrestricted, free reserves equivalent to 7.3 months and the Trustees are therefore content with this.

The Trustees are pleased to report that the Charity has a robust balance sheet, which will be used to continue to provide services to support its charitable objectives in the UK.

Risk Management

Following NCVO best practice, the risk management process has involved the identification, evaluation, and control of risks. Whilst we are not able to eliminate all risks entirely (this would be impossible and not cost effective), we do aim to reduce the risk to a level that the charity is comfortable with (the risk appetite).

When identifying risks, we assign risk owners and categorise them into the following areas:

We score risks by likelihood (rare, unlikely, possible, probable, certain) and impact (insignificant, minor, moderate, significant, major). We calculate our target risk score to identify our risk appetite. We then analyse the inherent risk using these criteria, and these scores are multiplied to give us our initial risk score.

The Senior Leadership Team record all controls that are in place to mitigate each risk and then calculate the residual risk. If this is higher than the target risk, we identify further initiatives and actions to reduce the risk to an acceptable level.

As well as the work completed by the Senior Leadership Team, risk management and the risk register are discussed at Finance & Risk Committee meetings, where key risks are discussed as well as improvements and suggestions to the processes for risk management are tabled.

The register and a summary of key risks are shared at every Trustee meeting, forming part of a corporate governance and risk standing paper.

Bookmark Annual Report l 2023/24

23

Trustees’ Responsibilities in Relation to the Financial Statements

The Charity Trustees (who are also Directors for the purposes of company law) are responsible for preparing a Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Disclosure of information to Auditors

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity’s auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Company law requires the Charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources for that year. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Appointment of Auditors

Hazlewoods have been appointed as Auditors for the year ending 31 August 2024 and they have confirmed their willingness to continue in office.

Small Company Exemptions

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity’s website.

APPROVAL

This report was approved by the Trustees on 11 November 2024 and signed on their behalf.

Sharon Pindar Chair of Trustees

Bookmark Annual Report l 2023/24

24

Independent Auditors’ Report

Independent Auditors’ Report to the Trustees and Members of Bookmark Reading Charity for the year ended 31 August 2024

Opinion

We have audited the financial statements of Bookmark Reading Charity (the ‘charitable company’) for the year ended 31 August 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve

months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material

misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement

25

Independent Auditors’ Report to the Trustees and Members of Bookmark Reading Charity for the year ended 31 August 2024 (continued)

of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors Report included in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the

Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the Trustees’ Responsibilities Statement set out in the Trustees’ Report, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our

26

Independent Auditors’ Report to the Trustees and Members of Bookmark Reading Charity for the year ended 31 August 2024 (continued)

responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the charitable company’s industry and its control environment and reviewed the charitable company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the charitable company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

Our audit procedures were designed to respond to risks of material misstatement in the financial

statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation s or through collusion. There are inherent limitations in the audit procedures performed and the further removed non - compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

27

Independent Auditors’ Report to the Trustees and Members of Bookmark Reading Charity for the year ended 31 August 2024 (continued)

Scott Lawrence FCA (Senior Statutory Auditor)

For and on behalf of: Hazlewoods LLP Chartered Accountants and Statutory Auditors Staverton Court, Staverton Cheltenham, GL51 0UX

Date: 15 November 2024

28

Statement of financial activities

(Incorporating an income & expenditure account)

Note Unrestricted
£		 Restricted
£		 2024
£		 2023
£
INCOME
Donations and Legacies
2
Investment Income
3
Total Income		 6,290,534
132,907
6,423,441		 650,623
-
650,623		 6,941,157
132,907
7,074,064		 4,112,320
70,847
4,183,167
EXPENDITURE
Raising funds
5
Charitable Activities
6 & 7
Governance and support costs
8
Total expenditure
Net gains on investments
13
Net income before transfers
Transfers between funds
17
Net income for the period
4
Balances brought forward
31st August 2023
Balances carried forward
31st August 2024
17		 (603,445)
(2,859,119)
(84,220)
(3,546,784)
17,646
2,894,303
-
2,894,303
1,836,069
4,730,372		 -
(421,443)
-
(421,443)
-
229,180
-
229,180
130,647
359,827		 (603,445)
(3,280,562)
(84,220)
(3,968,227)
17,646
3,123,483
-
3,123,483
1,966,716
5,090,199		 (405,226)
(3,033,282)
(59,705)
(3,498,213)
-
684,954
-
684,954
1,281,762
1,966,716

All gains and losses recognised in the year are included above.

Bookmark Annual Report l 2023/24 29

Balance sheet

Note
FIXED ASSETS
Intangible fxed assets
11
Tangible fxed assets
12
Investments
13
CURRENT ASSETS
Debtors, prepayments and accrued Income
14
Stock
15
Cash at bank and in hand
REPRESENTED BY:-
Restricted funds
18
Unrestricted funds
17
General funds
17
Designated funds
17
CURRENT LIABILITIES
Creditors and accruals
16
NET CURRENT ASSETS
NET ASSETS
The notes on pages 32-47 form part
of these fnancial statements.
In approving these fnancial statements
as Trustees of the company, theTrustees
acknowledge their responsibilityfor
complying with the requirements of the
Act with respect to accounting records
and for the preparation of accounts.
These fnancial statements have been
prepared in accordance with the
provisions applicable to companies
subject to the small companies’ regime.
Approved by the Trustees on
11 November 2024
Sharon Pindar
Chair of Trustees
Company Number: 11104438		 2024
£		 2023
£
213,930
-
454,447
668,377		 280,098
906
1
281,005
3,174,175
8,435
1,857,587
5,040,197		 423,053
7,711
1,425,209
1,855,973
(618,375)
(618,375)		 (170,262)
(170,262)
4,421,822 1,685,711
5,090,199 1,966,716
359,827
2,028,390
2,701,982
5,090,199		 130,647
1,555,065
281,004
1,966,716

Bookmark Annual Report l 2023/24 30

Cash flow statement

Notes below
Net cash provided by operating activities
A
Cash fows from investing activities:
Purchase of intangible fxed assets
Income recognised as shares
Unrealised gains
Change in cash and cash equivalents
B
A. Reconciliation of net income/(expenditure) to net cash infow from operating activities
Net income for the reporting year
Adjustments for:
Depreciation of tangible fxed assets
Amortisation of intangible fxed assets
Loss on disposal of tangible fxed assets
Loss on intangible assets written off
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Capitalised intangibles recognised as pro-bono and accrued awaiting payment
Net cash provided by / (used in) operating activities		 Notes below
Net cash provided by operating activities
A
Cash fows from investing activities:
Purchase of intangible fxed assets
Income recognised as shares
Unrealised gains
Change in cash and cash equivalents
B
A. Reconciliation of net income/(expenditure) to net cash infow from operating activities
Net income for the reporting year
Adjustments for:
Depreciation of tangible fxed assets
Amortisation of intangible fxed assets
Loss on disposal of tangible fxed assets
Loss on intangible assets written off
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Capitalised intangibles recognised as pro-bono and accrued awaiting payment
Net cash provided by / (used in) operating activities		 2024
£
931,036
(44,212)
(436,800)
(17,646)
432,378
2024
£
3,123,483
585
110,380
321
-
(724)
(2,751,122)
448,113
-
931,036		 2023
£
488,039
(279,049)
-
-
208,990
2023
£
684,954
2,101
56,009
90
34,137
(7,711)
(298,030)
40,331
(23,842)
488,039
B. Analysis of the cash and cash equivalents
Cash at bank and in hand
Change in cash and cash equivalents		 2023
£
1,425,209
1,425,209		 Change
In year
432,378		 2024
£
1,857,587
1,857,587
432,378

Bookmark Annual Report l 2023/24

31

Notes to the Financial Statements

1 Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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) (effective 1 January 2019) - Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Bookmark Reading Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires management to make judgements and estimates. The Trustees consider that the only significant area of judgement involved in preparing the financial statements is in relation to the allocation of shared costs between raising funds and charitable activities. The allocation of these costs has been determined by the amount of staff time spent.

Going Concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast a significant doubt on the ability of the Charity to continue as a going concern. The Charity has robust controls and measures in place to ensure it closely manages all spend, receives value for money, and has adequate funding in place before entering into future commitments. The Charity uses its CRM system to track all funding opportunities, taking into account stage, probability of success and prudent close dates to calculate its probability weighted income forecast. This information is reflected in a monthly cash forecast to ensure the Trustees and Senior Leadership Team have adequate oversight of the Charity’s projected cash position.

The Trustees make this assessment in respect of one year from the date of approval of the financial statements. On review, the Trustees have concluded that they are to adopt the going concern basis in preparing the annual financial statements.

Incoming resources

Donations and legacies represent amounts received during the year. Gifts in kind for use by the Charity are recognised as incoming resources when receivable at a reasonable estimate of their value.

Donations and grants receivable for specific purposes are credited to the statement of financial activities in the year to which they relate as soon as conditions for receipt have been met.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds are related to:

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by Donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Expenditure

All expenditure is accounted for under the accruals basis. Costs are allocated between charitable costs, cost of raising funds and governance costs. Shared costs have been apportioned across these three headings and where appropriate into restricted expenditure, according to best estimate of usage. The irrecoverable element of Value Added Tax is included with the item of expense to which it relates. Depreciation is allocated to expenditure headings on the basis of the use of the assets concerned.

Bookmark Annual Report l 2023/24

32

Pension costs

Contributions payable on behalf of employees to the defined contribution pension scheme are charged to the statement of financial activities as they become payable in accordance with the rules of the scheme.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Operating leases

The cost of and income from operating leases is charged and credited to the profit and loss account on a straight -line basis over the lease term.

Irrecoverable VAT

Intangible fixed assets

All expenditure on acquisition, enhancement, production and installation and all intangible fixed assets received by way of donation are capitalised as intangible fixed assets. Intangible fixed assets are stated in the balance sheet at cost less depreciation, or in respect of donated assets, at estimated value at the date of donation less depreciation.

Amortisation is calculated to write off the cost or valuation of intangible assets over their estimated useful lives at the following rates:

Software assets: 3 years straight line Assets under construction: Nil

Tangible fixed assets

All expenditure on acquisition, enhancement, production and installation and all fixed assets received by way of donation are capitalised as fixed assets. Fixed assets are stated in the balance sheet at cost less depreciation, or in respect of donated assets, at estimated value at the date of donation less depreciation. Portable computers are not capitalised. Depreciation is calculated to write off the cost or valuation of tangible assets over their estimated useful lives.

Stock

Stock are stated at the lower of direct cost and net realisable value.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Donated Services and facilities

Donated services or facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item and have been met, the receipt of the economic benefit from the use by the Charity of the item is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), general volunteer time is not recognised. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Investments

Investments are held in the trading subsidiary, Bookmark Reading Trading Limited. Any other investments are managed by the Investment Committee, which has delegated authority from the Board of Trustees. Investments are held to further the charitable objectives of the organisation.

Bookmark Annual Report l 2023/24

33

2 Income from Donations

----- Start of picture text -----
Unrestricted Restricted 2024 2023
£ £ £ £
Donations and Legacies:
----- End of picture text -----

Donated services
Individual donations
Corporate donations
Trusts and foundations donations
Major donations and Pindar family donations
Gift aid
Corporate fundraising events / Charity Challenge
School contributions		 141,184
50,532
2,107,639
622,050
3,243,725
73,762
9,424
42,218
6,290,534		 -
27,173
369,171
85,000
140,221
-
29,058
-
650,623		 141,184
77,705
2,476,810
707,050
3,383,946
73,762
38,482
42,218
6,941,157		 445,027
35,440
2,123,388
332,401
930,961
141,179
63,614
40,310
4,112,320

During the year, we accrued a significant philanthropic gift which has been committed over the next five years.

The nature of donated services received during the year were:

----- Start of picture text -----
Unrestricted Restricted 2024 2023
£ £ £ £
Donated Services:
----- End of picture text -----

Donated Services: Unrestricted
£		 Restricted
£		 2024
£		 2023
£
Legal Support
Consulting/ Professional Support
Games and Reading Materials
Staff Training
IT equipment and software
Premises
Marketing Support		 24,080
300
3,204
15,951
41,647
-
40,058
125,240		 -
-
-
-
-
-
-
-		 24,080
300
3,204
15,951
41,647
-
40,058
125,240		 26,376
320,951
15,669
21,225
9,164
9,000
42,641
445,027

Within Donated services, £15,944 was recognised as assets in the form of technical support provided which has been capitalised or as stock which is yet to be distributed.

Included in Restricted Income are funds received in the year ending 31 August 2024 of £ 354,877 relating to activities and expenditure due to be delivered in the year ending 31 August 2025.

Bookmark Annual Report l 2023/24

34

3 Investment Income

Investment Income
Bank interest
Income from subsidiary		 Unrestricted
£
50,743
82,164
132,907		 Restricted
£
-
-
-		 2024
£
50,743
82,164
132,907		 2023
£
24,673
46,174
70,847

The retained profits of Bookmark Reading Trading Limited for the year ending 31 August 2024 of £82,164 (2023: £46,174) were donated to Bookmark Reading Charity in the form of a Gift Aid donation.

4 Net Income for the Year

This is stated after charging:
Depreciation
Amortisation
Loss on write off of intangible asset
Loss on disposal of tangible fxed assets
Audit Fee		 Unrestricted
£
585
110,380
-
321
11,682
122,968		 Restricted
£
-
-
-
-
-		 2024
£
585
110,380
-
321
11,682
122,968		 2023
£
2,101
56,009
34,137
90
10,620
102,957

Bookmark Annual Report l 2023/24

35

5 Cost of Raising Funds

Staff costs
Fundraising costs
Marketing
Premises and IT costs
Other costs
Centrally allocated support costs		 Unrestricted
£
296,076
117,416
1,613
31,369
6,341
150,630
603,445		 Restricted
£
-
-
-
-
-
-
-		 2024
£
296,076
117,416
1,613
31,369
6,341
150,630
603,445		 2023
£
251,669
24,311
388
29,558
555
98,745
405,226

Fundraising costs have increased in the current financial year in relation to a one-off fundraising event in 2024.

6 Charitable Expenditure

Staff costs
Programme and volunteer costs
Professional fees
Marketing
Premises and IT costs
Other costs
Centrally allocated support costs		 Unrestricted
£
782,101
934,275
25,746
17,355
319,251
527
779,864
2,859,119		 Restricted
£
121,189
276,692
247
690
22,625
-
-
421,443		 2024
£
903,290
1,210,967
25,993
18,045
341,876
527
779,864
3,280,562		 2023
£
983,919
743,765
393,747
6,038
417,766
5,527
482,520
3,033,282

Bookmark Annual Report l 2023/24 36

7 Expenditure by Activity

One-to-one
Reading
Programme (1)
£		 Literacy
Programmes (2)
£		 Projects and
Pilots (3)
£		 2024
Total
Current Year Analysis
Staff costs
Programme and volunteer costs
Professional fees
Marketing
Premises and IT costs
Other costs
Centrally allocated costs		 Reading
Programme (1)
£		 Magazine
(2)
£		 704,836
197,068
8,689
9,430
312,501
527
511,158
1,744,209
Literacy
Resources (3)
£		 186,798
883,945
9,277
1,825
27,527
-
244,885
1,354,257
Projects and
Pilots (4)		 11,656
129,954
8,027
6,790
1,848
-
23,821
182,096
Grants (5)		 903,290
1,210,967
25,993
18,045
341,876
527
779,864
3,280,562
2023
Total
Prior Year Analysis
Staff costs - payroll
Staff costs - other
Programme and volunteer costs
Legal fees
Professional fees
Marketing
Premises and IT costs
Other costs
Centrally allocated costs		 795,229
13,241
217,228
-
31,656
2,442
382,033
5,484
403,583
1,850,896		 11,928
-
122,588
-
-
-
1,781
427
15,757
152,481		 38,725
396
301,532
-
-
1,079
4,446
272
40,676
387,126		 114,490
1,105
56,951
11,346
345,945
2,517
27,801
43
22,504
582,702		 8,805
-
45,466
4,800
-
-
1,006
-
-
60,077		 969,177
14,742
743,765
16,146
377,601
6,038
417,067
6,226
482,520
3,033,282

Bookmark Annual Report l 2023/24 37

7 Expenditure by Activity (continued)

Current Year Analysis

One-to-one Reading Programme (1)

Our reading programmes involve 30-minute sessions each week with a child who needs extra support with their reading. This can be either face-to-face in a local primary school or virtually through our secure online platform.

Literacy Programmes (2)

During the year we delivered our established literacy programmes, including The Story Corner Magazine, Your Story Corner, the Literacy Partner Programme, as well as our School Packages. This includes our impact and evaluation work which underpins our programmes.

Projects and Pilots (3)

During the year we launched new literacy programmes including our Story Starter Programme and our School Network Programme. Under our new three -year strategy, we will deliver 10 Literacy Programmes.

Prior Year Analysis

Reading Program (1)

Bookmark Reading Charity’s six-week reading programme. Each programme involves two 30-minute, one-to-one sessions each week. Each session is clearly structured and comprises a combination of reading books, playing games and using their imagination for storytelling

Projects and Pilots (PY 4)

There were 4 key projects/pilots undertaken during the prior year:

Digital Transformation Project – this project was launched in June 2023 and transitioned our stakeholders to a new user experience, taking into consideration internal and external feedback on our school hub.

Bookmark Book Booster – this pack includes: a specially curated book pack worth £150 each for three terms; story corner magazines and support for ‘book chat’ to create a Whole School Reading Culture.

Comic Book Club – we launched our Comic Book Club (pilot) with the aims of engaging reluctant readers, helping to develop a whole school reading culture and exploring how we can further support schools.

OC&C Strategic support – during the year we were supported by OC&C Strategy Consultants in a strategic review of our operations, with a particular focus on our volunteering operations. This work has formed the basis of our upcoming strategy development.

Magazine (PY 2)

The Story Corner magazine, Bookmark’s free, highquality magazine for children to enjoy at home

Literacy Resources (PY 3)

Your Story Corner focuses on improving school reading resources by delivering a free box of 200 books to a school. Rocket packs are book bundles sent to qualifying partner schools, on a termly basis, and are curated to ensure that every pack is providing new resources to our partner schools. In the prior year this activity only included Your Story Corner.

Grants (PY 5)

As part of our work to help develop whole school reading cultures, Bookmark is offering a limited number of grants to primary schools to help them address their specific literacy needs. We have two types of grants available:

Bookmark Annual Report l 2023/24

38

8 Analysis of Governance and Support Costs

Staff costs
Other costs
Accountancy Costs
Centrally allocated support costs		 Unrestricted
£
1,111
35
11,777
71,297
84,220		 Restricted
£
-
-
-
-
-		 2024
£
1,111
35
11,777
71,297
84,220		 2023
£
-
30
10,620
49,055
59,705

Governance costs include internal and external audit, legal advice for trustees and are associated with constitutional and statutory requirements, including the cost of preparing for and holding trustee meetings.

9 Staff Costs and Numbers

Fundraising
Salaries
Social Security
Pension costs
Other staff costs
Charitable Activities
Salaries
Social Security
Pension costs
Redundancy costs
Other staff costs		 Unrestricted
£
258,573
25,408
11,228
867
296,076
660,051
68,722
29,085
8,897
15,346
782,101		 Restricted
£
-
-
-
-
-
116,740
2,789
1,422
-
238
121,189		 2024
£
258,573
25,408
11,228
867
296,076
776,791
71,511
30,507
8,897
15,584
903,290		 2023
£
215,475
13,167
9,722
13,305
251,669
852,022
79,725
35,552
1,878
14,742
983,919

Bookmark Annual Report l 2023/24 39

9 Staff Costs and Numbers (continued)

Shared Salaries
Salaries
Social Security
Pension costs
Other staff costs
Total		 Unrestricted
£
544,664
57,634
23,485
61,388
687,171
1,765,348		 Restricted
£
-
-
-
-
-
121,189		 2024
£
544,664
57,634
23,485
61,388
687,171
1,886,537		 2023
£
412,192
38,394
16,401
26,541
493,528
1,729,116

The average number of full-time equivalent employees (excluding Trustees) was:

Fundraising
Charitable Activities
Shared Personnel		 2024
7
25
10
42		 2023
5
28
8
41

The number of employees whose emoluments (salaries, wages and benefits in kind but excluding compensation for loss of office) for the year to 31 August 2024 fell within the following bands was as follows:

within the following bands was as follows:
2024 2023
£ £
£60,001 - £70,000 1 2
£70,001 - £80,000 - -
£80,001 - £90,000 1 -
£90,001 - £100,000 - -
£100,001 - £110,000 1 -
£110,001 - £120,000 - 1

The current key management personnel of the Charity comprise the Chief Executive Officer, the Chief Finance and Operations Officer, the Head of Marketing and Communications, the Head of Fundraising, the Head of Technology, the Head of Volunteering and the Head of Schools. During the year, the following roles were present as members of the key management personnel: the Head of Communications and Ambassador Relations.

Further details of changes in these individuals can be found on page 3. The total employee benefits of the key management personnel of the Charity for the year to 31 August 2024 were £566,674 (2023: £582,478) and represents the total cost for the individuals outlined on page 3 during their times of service.

The Charity is supported by volunteers who receive £nil remuneration. At 31 August 2024 we had 2,937 trained and vetted volunteers. These volunteers are available to read with children on the Charity’s One-to-one Reading Programme. In addition, during the financial year volunteers also supported the Charity as Interview Note Takers (supporting the onboarding of other volunteers), Library Builders (collating the resource packs for Your Story Corner), running Bookmark Brunches, packing Story Starter Programme bags and session co-ordinators (attending schools and supporting the on-line reading sessions at schools).

Bookmark Annual Report l 2023/24 40

10 Corporation Tax

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.

11 Intangible Fixed Assets

11 Intangible Fixed Assets
Software Assets
£		 Assets under
Construction
£		 Total
£
Cost
At 1 September 2023
Additions
Transfers to asset
At 31 August 2024		 279,100
-
68,003
347,103		 23,791
44,212
(68,003)
-		 302,891
44,212
-
347,103
Depreciation
At 1 September 2023
Charge for the year
At 31 August 2024		 22,793
110,380
133,173		 -
-
-		 22,793
110,380
133,173
Net book value
At 31 August 2023
At 31 August 2024		 256,307
213,930		 23,791
-		 280,098
213,930

Assets under construction related to a digital dashboard project which was being implemented over the end of the financial year.

Bookmark Annual Report l 2023/24 41

12 Tangible Fixed Assets

12 Tangible Fixed Assets
Offce Equipment
£		 IT Equipment
£		 Total
£
Cost
At 1 September 2023
Additions
Write Offs/Disposals
At 31 August 2024		 2,132
-
(2,132)
-		 19,976
-
(19,976)
-		 22,108
-
(22,108)
-
Depreciation
At 1 September 2023
Charge for the year
Write Offs/Disposals
At 31 August 2024		 2,132
-
(2,132)
-		 19,070
585
(19,655)
-		 21,202
585
(21,787)
-
Net book value
At 31 August 2023
At 31 August 2024		 -
-		 906
-		 906
-

Bookmark Annual Report l 2023/24

42

13 Investments

2024 2023
£ £
Investment in subsidiary 1 1

The wholly owned subsidiary, Bookmark Reading Trading Limited, is a company registered in England and Wales. It is used to operate the non-charitable activities of Bookmark Reading Charity.

Bookmark Reading Trading Limited has only one share of £1 in issue, which is held by Bookmark Reading Charity.

The activities and results of Bookmark Reading Trading Limited were:

Turnover
Administrative expenses
Interest receivable
Interest payable and similar charges
Proft for the period		 2024
£
81,580
(1,178)
1,770
(8)
82,164		 2023
£
47,140
(1,157)
204
(13)
46,174

At 31 August 2024, Bookmark Reading Trading Limited had the following assets and liabilities:

Debtors
Cash at bank and in hand
Creditors: Amounts due within one year
Share capital
Reserves		 2024
£
-
92,932
(92,931)
1
1
-
1		 2023
£
1,850
55,074
(56,923)
1
1
-
1

Consolidated accounts for Bookmark Reading Charity have not been prepared as the investment is not deemed to be material.

During the year Bookmark received a donation in the form of shares. These shares were held at market value, as at 31 August 2024 as these had not been sold by the year end. Unreaslised gains of £17,646 (2023/24: £nil) are shown on the Statement of Financial Activities.

2024 2023
£ £
Investment held in shares 454,446 -

The shares were subsequently sold for cash on 5th September 2024, to support Bookmarks programmatic plans for the upcoming academic year.

Bookmark Annual Report l 2023/24 43

14 Debtors

Trade debtors
Prepayments
Accrued Income
Amounts owed by related parties		 2024
£
12,623
118,049
2,961,339
82,164
3,174,175		 2023
£
15,874
80,088
280,917
46,174
423,053

The increase in accrued income relates to a donation from a philanthropic donor. This multi -year gift has been recognised, in-line with the Charities SORP. It will be reduced over the next five years on an annual basis starting from 2025. No cash or assets have been received, in relation to this gift as at 31 August 2024.

16 Creditors (amounts falling due within one year)

Trade creditors
Accruals
Deferred income
Taxation and social security
Pensions contributions		 2024
£
37,218
530,320
1,061
38,573
11,203
618,375		 2023
£
13,858
92,998
710
52,152
10,544
170,262

The increase in accrued expenditure relates to programmatic expenditure which has been committed to by Bookmark, with respect to Literacy Programmes, before the end of the financial year. This activity will take place in subsequent academic years.

15 Stock

Stock 2024
£
8,435
8,435		 2023
£
7,711
7,711

Stock relates to reading resources held at the Charity’s headquarters as at the end of the financial year.

Bookmark Annual Report l 2023/24

44

17 Analysis of Unrestricted Fund Movements

General fund
Designated Funds:
Fixed Asset funds
Literacy Partner Programme Fund
Restricted Funds		 Balance
1 September 2023
£
1,555,065
281,004
-
130,647
1,966,716		 Incoming
resources
£
3,486,641
-
2,954,446
650,623
7,091,710		 Resources
expended
£
(2,923,662)
(156,728)
(466,394)
(421,443)
(3,968,227)		 Transfers
between funds
£
(101,602)
89,654
11,948
-
-		 Balance
31 August 2024
£
2,016,442
213,930
2,500,000
359,827
5,090,199

Designated funds are related to:

18 Analysis of Restricted Fund Movements

----- Start of picture text -----
Balance Incoming Resources Transfers Balance
1 September 2023 resources expended between funds 31 August 2024
£ £ £ £ £
Name of fund
----- End of picture text -----

Name of fund Balance
1 September 2023
£		 Incoming
resources
£		 Resources
expended
£		 Transfers
between funds
£		 Balance
31 August 2024
£
Your Story Corner
Literacy Programme Funding:
- Big Give Christmas 2022
- Big Give Summer 2023
- Big Give Christmas 2023
- Big Give Summer 2024
Clearance Capital
Barings		 -
29,337
101,310
-
-
-
-
130,647		 203,999
-
-
101,200
201,194
29,058
115,172
650,623		 (203,999)
(29,337)
(96,360)
(64,707)
(27,040)
-
-
(421,443)		 -
-
-
-
-
-
-
-		 -
-
4,950
36,493
174,154
29,058
115,172
359,827

During the year we received restricted funding to support our Your Story Programme across three new geographic areas. Funding received from a range of donors during the year supports a range of our 10 Literacy Programmes. Transfers between funds consist of £nil (2023: £206,163) transferred from restricted, £89,654 (2023: £4,392) to the Charity’s Tangible and Intangible designated fixed asset fund and £11,948 (2023: £nil) to the Literacy Partner Programme Fund. The transfer relates to assets capitalised during the year, net of any amortisation or disposals recognised.

Bookmark Annual Report l 2023/24

45

18 Analysis of Restricted Fund Movements (continued)

Prior year analysis

----- Start of picture text -----
Balance Incoming Resources Transfers Balance
1 September 2023 resources expended between funds 31 August 2024
£ £ £ £ £
Name of fund
----- End of picture text -----

Your Story Corner (a)
Digital Transformation (c)
Grants (e)
Reading Programme funding (f)
- Big Give Christmas 2021
- Big Give Christmas 2022
- IICF
- Rank
- Big Give Summer 2023
- Garfeld Weston		 25,000
-
-
102,088
-
-
-
-
-
127,088		 277,211
276,200
-
-
100,025
6,800
30,000
101,310
34,000
825,546		 (277,211)
(70,037)
(25,000)
(102,088)
(70,688)
(6,800)
(30,000)
-
(34,000)
(615,824)		 (25,000)
(206,163)
25,000
-
-
-
-
-
-
(206,163)		 -
-
-
-
29,337
-
-
101,310
-
130,647

Your Story Corner (a)

Your Story Corner focuses on improving school reading resources by delivering a free box of 200 books to a school.

Digital Transformation (b)

Project to identify and improve the functionality, supportability, agility and costeffectiveness of our technology and its support.

Grants (c)

As part of our work to help develop whole school reading cultures, Bookmark offered a limited number of grants to primary schools to help them address their specific literacy needs. Two types of grants were available:

Reading Programme (d)

Bookmark Reading Charity’s six-week reading programme. Each programme involves two 30-minute, one-to-one sessions each week. Each session is clearly structured and comprises a combination of reading books, playing games and using their imagination for storytelling

Bookmark Annual Report l 2023/24

46

19 Capital

The Company does not have a share capital as it is limited by guarantee. Each of the Members is a guarantor to the extent of £1 in the event of the Company being wound up whilst they are Members, in respect of debts and liabilities contracted before they ceased to be a Member. There were 3 Members at 31 August 2024 (3 Members at 31 August 2023).

20 Analysis of Net Assets Between Funds

Intangible fxed assets
Tangible fxed assets
Investments
Cash at bank and in hand
Other net (liabilities)/assets		 Unrestricted
Funds
£
213,930
-
454,447
1,497,760
2,564,235
4,730,372		 Restricted
Funds
£
-
-
-
359,827
-
359,827		 31 August
2024
£
213,930
-
454,447
1,857,587
2,564,235
5,090,199		 31 August
2023
£
280,098
906
1
1,425,209
260,502
1,966,716

21 Capital Commitments

At 31 August 2024 the Charity had total capital commitments of £nil (2023: £9,435 ) relating to the intangible software development costs either contracted or authorised by the Trustees.

At 31 August 2024 the Charity had total operating lease commitments of £33,216 (2023: £34,068 ) relating to the lease of the Charity’s office building and a photocopier.

The amount of non-cancellable operating lease payments recognised as an expense during the year was £130,922 (2023: £139,728)

22 Related Party Transactions

During the year, the charity received payments of £1,500,114 (2023: £1,505,551) from Literacy Capital plc in the form of corporate donations, grants and sponsorship for charity events. Literacy Capital plc is a company in which Paul Pindar, spouse of Trustee Sharon Pindar, is a director. Of this amount, a total of £303,896 (2023: £507,316) was restricted income and £1,196,218 (2023: £998,236) was unrestricted income.

During the year, the charity paid £129,600 (2023: £129,600) to Literacy Capital plc in relation to rent for the Charity’s office building. At the year end, there was a balance of £10,800 (2023: £10,800) included in debtors in relation to prepaid rent.

During the year, the charity received £nil (2023: £173) from S Pindar in the form of Gift Aid donations. Of this amount, a total of £nil (2023: £73) was restricted income and £nil (2023: £100) was unrestricted income.

During the year, the charity received £100 (2023: £210) from P Fletcher in the form of Gift Aid donations. Of this amount, a total of £nil (2023: £nil) was restricted income and £100 (2023: £210) was unrestricted income.

During the year, the charity received £10,000 (2023: £15,000) from P Pindar in the form of Gift Aid donations. Of this amount, a total of £nil (2023: £5,000) was restricted income and £10,000 (2023: £10,000) was unrestricted income. Paul Pindar is the spouse of Trustee, Sharon Pindar.

Expenses, relating to travel, reimbursed to Trustees during the year amounted to £73 (2023: £nil).

During the year, the charity recognised £82,164 (2023: £46,174) from its subsidiary, Bookmark Reading Trading Limited, in the form of a Gift Aid donation. The subsidiary is wholly owned. At the year end, the amount owed by Bookmark Reading Trading Limited to the charity was £82,164 (2023: £46,174). In the current year, this amount represents the profits owed by Bookmark Reading Trading Limited.

Bookmark Annual Report l 2023/24

47

www.bookmarkreading.org

Registered Address: Charles House, 5-11 Regent Street Saint James’s, London SW1Y 4LR