2024-03-31-accounts

Report gfthd Trustees andFinancia/ Statementsfor the Period ended31 March 2024 for The Queen's Reading Room Regzstered charity # 1201916 ueen RE DING ROOM Iy, Hugo Burnand

Tlie Qt4een s ReadtngRoom Trwtees Rvport Fortbeperiodend,:d31 March 2024 Contents Pages Report of the Trustees 1-14 Report of the Independent Auditors 15-18 Statement of Financial Activities. 19 Balance Sheet 20 Statement of Cash Flows 21 Notes to the Financial Statements 22-30 The fLnancial statements have been prepxred in accordance with the accounting polities set out in note I to the financi215tatement5 and con]ply with the charity's governing document, the Charities Act 2011 ￿Ld "Accounting and Reporting by Charities= Statement of Recommended Prnctice applicable to charities pr¢paring thcir accounts in accordanc¢ with th¢ Financial Reporting Standard applicabl¢ in th¢ UK and Republic of Irel2nd (FRS 102)" (effective l Januy 2019). Thc truscecs prcscnt thcir annual rcport and financial statcmcnts for thc pcriod cndcd 31 March 2024.

The Queen sReadingRoom Tru&tee5 R<Port For ibePeriodeKded31 Marth 2024 Welcome to The Queen's Reading Room From our Chair On beha￿of the trustees of The Queen's Reading Room I am pleased to report on the work of the Charity in the period ended 31 March 2024. We have a very clear mission to get more people to read more and we have the proof it is good for you. Our Chief Executive Vicki Perrin and the small, expert team at The Queen's Reading Room have made substantial progrcss in defining how wc arc going to achievc this mission and starting on the joumey to achieve it. Our huge thanks to them. From the festivals around the country, support from brilliant authors and all the content so richly enjoyed the team work tirelessly on the charities behalf. You will see in the report the activities that are hdping people enjoy the simple pleasure of reading, and this work will be expanded over the coming year. There are many charitics dedicated to litcracy and the supply of books. we sec our rolc as to work dosely with them to help everyone benefLt from the joy of reading. Our finances arc healthy, we intend to crcate an endowmcnt fund and like any charity we c2 always go faster and do more with more resources. AS a board of trustces over the next year we will look to add to our small tcam some of the skills that will complement us. As this is the first formal report from the Charity our profound thanks go to our founding funders and those that continue to support the mission; to Bain for their support with our strategy. to all our voluntecrs. from back room help at cvcnts to centre stage stars. Finally our thanks to Her Majesty The Queen without whom we would not exist. Amanda Mackenzie, Chair ofThe Queen's Reading Room On behalf of rhe rrustees

The Queen sReadingRoom Tru&tee5 R<Port For ibePeriodeKded31 Marth 2024 note 07n our This is rny first report as Chicf Exccutivc of The Queen s Reading Roorn. Wc believe reading a book is a super power for mental health in a world where attention spans are being reduced by social media and screens dominate our lives. We are on i mission to get more people in the UK and around the world reading. Our vision is for a happy, healthy, connected society wherc rcgular reading is as common as exercise or healthy eating. Data from the Urniversity of Sussex suggests that more than 6096 of UK adults think their screen usage is making them unhappy. And we know that excessive screen use is linked to decreased attention spans, poor mental health and reduced slccp - which in tum may also increase den]cntia risL thc Icading cause of death in the UK. Conversely, our early neuroscientific research is showing that books boost our mentsl health, brain health and social health. So, what are we doing about it Wf Researcb U.iingFoundbreaking neuroscience to undgr.ftandHOWregular reading makesfo?" a HAPPIER andHEAL THIER society We Educate Through iotnpelling EVENTS andfree, aciessible CONTENT365 days ayear to educÉ3te atLdfoster a love ofliteytsture We Inspire People around the tuorldio make daily reading a comtnon andjoyful F£4BIT Our charitable objective is.. the advancement ofeducat2onfor thePublic benefzt by.. promoting and providii)g opportunities for the appreciation of lirtrature by introducing children and aduLtS to the works of a diverse range of aurhors from around the world, which have educative and literary or historic merir, collaboraring with and supporting other lireracy chariries. and such other means according ro the law of England and Wales as rhe trusrees may in their discretion think fit. The Queen's Reading Room exists to develop and nurture lifelong readers. We've laid the groundworks in our flrst year, through the hard work of our team and brilliant, committed trustees and through the vision of HM The Queen. Her work and passion for reading will change society for the better. We hope you re as excited by the potential of this charity as we are. Vicki Perrin j Chief Executive Officer

Tlje Queen sReadingRoom Tru&tee5 R<Port For tbePeriodended31 Marth 2024 Objectives and key achievements Our story so far... The big numbers: 12 million people reached through our digitsl activity Combincd cngagcmcnts of.. 1.96m Audience reached in 171 countries globally Over 7500 event seats fdled Fundraising total= £1,105,937 Press reach: approximately 188 million, 16,200 direct mentions of the charity in international news Our big moments: Charity launch in February 2023 at Clarence House, hosted by HM The Queen Our f￿st annual Queen s Reading Room Festival at Hampton Court Palace June 2023 Launching and releasing our first QRR Podcast January 2024 Our first major regional event, Northern Ireland March 2024 LautLching and releasing our first neuroscientific study, March 2024 Researching and designing the most effective app for TQRR How does this activity progress our aims. In our first year, as well as working to set up a charity Wlth strong foundations and good governance, finance, and structure, we have worked to establish major activity in Education and Research, in the knowledgc that thesc feed into our ability to progress our Advocacy and Campaigning. Year I has been about laying the groundwork None of our achievements would be possible without the support from our fantastic donors, with heartfelt thanks to the Hawthornden Foundation, The Unwin Charitable Trust, Bloomsbury Publishing, The Rothschild Foundation, Dukes Education, John R Murray Charitable Trust, and all of our individual and anonymous donors.

Tlje Queen sReadingRoom Tru&tee5 R<*ort For tbePeriodended31 Martb 2024 Read more HERE Groundbreaking research The Queen's Reading Room commissioned research into the health and wcll-being I￿paCts of reading as a daily habit. The neuroscientific research used brain scans (EEGS), skin conductance tests and a nationally representative study developed by neuroscientists, to exan]ine the connection between reading and wellbeing. Key findings revealed that just 5 minutes of reading can reduce stress by nearly 2￿, improve concentrauon and focus by as much as 1196 and that reading earlier in the diy can help readers feel more connected to others and feel ready to tackle challenges. The outcomes of our scientific research garnered national press coverage; Vicki Perrin, our CEO, and Ken Follett, writer and friend of The Queen s Reading Room appeared on Good Morning Britain to discuss our findings so Far. We amasscd somc 200 pieces of new5 coverage, 96% of which was posltive in sentiment. Key pieces featured in IbLld¢grApknplllltsolth, Vanity Fair , The Express in print and online, and GB News. The British Neuroscience Association also foatillo￿￿ay, their President Tara Spires-Jones having been present at a reception hosted by HM Queen Camilla to mark the findings of our study. Such widespread coverage helped to get more cyes on thc study rcsults. We believe that there is great value in establishing the link benveen regular reading and wellbeing, as a motivating tool in getting more people interested in books. The reaction to our first study has encouraged us to undertake further in depth research, which we look to get undenvay in 2025 with an ac&demic research partner. Aware of the sociery-wide hunger for health data - from sleep to calories to steps we believe that data-driven proof of the benefits to brain health, mental health and social health, will drive an uplift in reading.

The Queen sReadingRoom Tru&tee5 R<*ort For tbePeriodeKded31 Marth 2024 Events The (Lueen s Reading Room Festival St&ged in the S￿lln1ng surrounds of Hampton Court Palace, the inaugural Queen's Reading Room Festival gathcTcd together authors, experts, actors and literature lovers for a day celebrating the written word. We filled nearly 7,500 seats and were delighted to offer 3,000 free tickets to charity workers, troops, and NHS staff. The festival garnered strong and positive coverage globally. We were thrilled by our visitors, feedback on this event, including the audience being among the most diverse in the UK. A small but respectable profit was split behveen The Quccn s RcaditLg Room and Historic Royal Palaces charities and we are grateful that our sponsors (Unwin Charitable Trust) generously decided to sponsor us again in 2024. Northern Ireland: Poets and their Place This World Poetry Day, 21st March 2024, we produced the event 'Northern Ire12nd: Poets and Their Place , a literary event curated by Paul Muldoon in partncrship with Arts Council of Northern Ireland, who praised the event as an important convening moment for the Arts in Northern Ireland. The Secretw of State, First Minister, Deputy First Minister and Her Majesty The Queen were in attendance at Hillsborough Castle to hear Northern Irish poetry, read by actors and poets. Our accompanying digital cducational material had an aggregate reach of ovcr 200,000. The Braemar Literary Festival In 2023 we took a pop-up to Scotland to produce some talks at the fantastic Braemar Literary Festival. Vicki Perrin was in conversation with screenwriter and children s novelist Anthony Horowitz, and Scottish novelist, short-story writer and screenwriter William Boyd. This was a brilliant opportunity to reach new audiences in Scodand, and we were subsequently invited badc to the fCstiV￿ ITh 2024. THEQUEENSfiEADING POOU, ANThONY HOF¢XITXin PWIN

The Queen sReadingRoom Tru&tee5 R<*ort For tbePertodended31 Marth 2024 Festival Highlights uee lui# T,

The Queen sReadingRoom Tru&tee5 R entertaining but educational content which might inspire a person to pick up a book, or lead them to a bettrer understanding about a book they may have read. We aim for our coverage of eaLh tide chosen by Her Majesty The Queen for our online book club to drive interest and to help our followers foster and continue an active love of reading. Providing the audience with soft cducational ('edutainment') content around books, we produce and relcasc author interviews, Itve readings, soclo-historical context and plenty of insight into the writing process. These posts provide frec, educational and accessible content and givc our followers reading inspiration, introducing them to books that they will hopefully love. We seek to create and provide exdusive and content with our authors, actors and historians, to provide content that followers would not necessarily be able to access on their own.

The Queen sReadingRoom Tru&tee5 R<Port For tbePeriodended31 Marth 2024 11 Praisefor The Queen s Reading Room "This n£fU, ground-breaking init2altvefro2n Tbe Quecn s Readtng R00tt2 could not be more 2mPortllnt, tsr more timely. We know that reading transforms live5, we know tbat readin¥ encoura¥es ewpaéby and understanding, Ézfnbttion lltzd oPPorturtity, tue knolu tbat reL7ditzg matters so looking ut Precisely bow and why is long-overdue. The Queens Reading Room is qutckly becoming a leader in the world o redding, resfdrchtng artdpubl£shin¥, andIarn Jelixltcd to bc invol.ved." Kate Mosse "I'm u hugefarB of The Quee7B's Rcading Room, which is working tirelessly to champion literacy and tbe joy ofreading. A Igfe tuithout books is like É3 tuorld wttbout colour I,for one, uho/e-heÉzrtedly support this brilliant initiative. Anthony Horowitz "Rcading a book is like oPcnin¥ a door to another world. Whctheryou readforfive minutes or two hours, the trLgxsforMatiOn is Ézbsolute, effectioJelJfrÉe, utterly llbsorbing n2uy be Ift e-chaxgtng. ReuditLg is oxe ftbegreatgstgfi ts we human beings bacre deopis£dfor ourselves. Tbe Queerz's Reading Room is endttring dnd llmazing achievement. It is our extrdordtnary good fortune that Her Majesty is an avid and eclectic read8r. Her example, enthustasm and the Readtng Room itself as an unprecedented shMul/45 to all reader5 and, perhaps more importantly, to 4311 tvould-be retzders. William Boyd "For a start, bookn can simply gxcite or intrigue,- they can make you Lry or laugh. A more atP2bitious book cun gofvrtheT. It cunfr you.from the rcstrictions ofyour own llf ty tukingyou into the exP£ricnc£s o otbers. YO￿ can emErgefrorn it as lln enlllryed, chastened and morg oPen-nzitLdEdpErsotZ, CLgPable oflioing a richer life. IfI'm honest, almost everything I understandabout reality ha5 comcfrom rcadingfictioFI. As iftbu tuere not enough, a reputable scientificPaPEr recgntly cGtzcluded tbÉZt rEadingficfion is the single most effective %vay ofenhaniing cognitivc reservc in other words, staving offdementta other agFc- relatedproblems. Usingy014r brlltn to enter iryto the /ives of imagixedpeople joins UP all sorts ofdtfferent areas oftbe brain, to do guitb memory, reason and emotion. Its like a fueek-long fuork outfor tb£ mind. FGr theprice of¢¥Pint. The Queen s Reading Room understand5 Izndpromotes books on all these levels.. a5 srmplefun, Personal enrichment andaspromoting soc¢a/and menta/hcalth.rc importantly, to al/wot41d-be reader.i. Sebastian Faulks

The Queen sReadingRoom Tru&tee5 R grants and philanthropic doThors. The total income for the period was £1,142,228 which was made up of £1,105,938 in fiLndraising iThcomc and £36,290 in charitable activities (festival incomc). During the period, £146,520 was spent on the development of our App which has been capitalised during the period and is shown as an asset in our Balance Sheet. The development of the App is ongoing at the period end date, and therefore further costs will be incurred before the App goes live. The overall surplus for the period was £635,802 and the cash balance held at the period end was £515,621. Reserves policy In the first financial period of our charity, we sought to bring in funds which would establish the charity and support its ongoing existence. We set an ideal reserves policy of three to six months of reseNes to ensure that we can meet our obligations regarding stafflng and core costs. As at 31 March 2024, we held total funds of £635,802, of which: £30,384 were restricted ￿ndS carried over to the following financial year; and £354,487 were designated to the delivery of existing and future projccts, giving unrestricted and undesignated bg41ance at the end of M￿ch 2024 of £250,931. Our central operating costs are approximately £35,000 per month. As of March 2024 we wcrc therefore operating with approximately 7.5 months of free reserves, which is higher than our current reserves policy but as we are entering into only our second financi31 year, the Trustees consider this sensible at this stage.

The Queen's ReadingRoo Tiuste¢s'RIPort For ihePeriodended31 March 2024 Risks, uncertainties and thefuture At thc end of our first period as a charity, the principal risks we face include- Financial: ￿llding appropriate for our scale and ambition to create a lasting legacy. We created a fundraising committee and we are now developing a membership strncturc to attract funding. Mission= Sufficient progress against our mission. Team recruitment and development: Recruiting and retaining outstanding talent is essential to our success. We are accessing a broad network and HR expertise. Demonstration of Impact: as a new unique charity how we most effectively demonstrate impact is important. A risk register has been prepared and the trustees are considering options for mitigation of these risks. Future plans We hope to rcignite a love of rcading in people across thc UK and beyond, having discovered that just 5 minutes has a profound beneficial effect. Between 2024-2025, The Queen s Reading Room will strengthen its work in Four key areas: l. Groundbre2king reSe￿ch a. Launch a major rescarch project looking into thc holistic effects of rcading on wcllbcing, from sleep to brain health b.work with major partners such as the British Neuroscience Association to ensure that our findings reach as wide an audience as possible. 2. Education a. Expand our audience by reviewing our current strategy on social media) podcast and web. b. Embed outreach into our event progran]ming, to ensure that our festival and pop-up events have as wide an impact on the local community as possible, bringing people back into reading. 3. Advocacy and campaigning Ensure that our research reaches as wide an audience as possible. b. Usc digit￿ and technological innovation to SUPPOrt readers on their reading journeys. 4. Grassroots work a. to reach those communities whose access to books and literature is limited, through outreach work and engagement. to partner with other national organisations where collaboration can strengthen our collective impact. io

TlJe 12ueen 5 ReaAing Room Trns,:Ees'RePrt Fi?r I'heperiodended31 M4r¢h 2024 Structure, Governance andmanagement Govcrning documcnt The charity is controlled by its governing document, a Constitution of a Charitable Incorporated Organisation (CIO). Recruitment and appointment of new trustees Every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Organisational structure We have a small team comprising of four trustees, supporting the Chief Executive to mobilise the charity, recruit 2nd train staff, provide ongoing development of its objectives and fr&n]eworL alongside thndraising and the management of thc charity. The Queen s Rcading Room has six members of permanent staff based around the UK, comprising the Chief Executive OfFicer, Director of Operations (appointed Nov 2024). Director of Marcomms; Senior Producer, Producer, and, Executive Assistant to the CEO (appointed June 2024). Decision making Our Board of Trustces is responsiblc for all govcrnance and decision making, and are thc charity's only voting members. Day to day management is delegated to The Queen's Reading Room's Chief Executive. In planning their activities the trustees have p2id due regard to the Charity Commission guidance on public benefit. Induction and training of new trustees The charity trustees will Make availablc to each new charity trustee, on or before their first appointment: i) a copy of the current version of its constithtion-, and ii) a copy of the CIO'S latest Trustees Annual Reporc and statement of accounts. Key management remuneration Our policy is to benchmark any new roles against comparable roles within the sector. Staff are subsequently offered a salw th&t takes into account the skills and experience they bring to the role, pay equality and affordability. Pay is reviewed annually in March, when the cost-of-living and inflationary environment is reviewed. Any pay review is recommended by the Chief Executive and subject to the approval of the Board. Thc Chief Executive s salary is revicwed annually by the Board of Trnstees. We subscribe to the London Living Wage. We have a defined contribution pension for all staff after their probation period has passed through NEST. Fundraising The trustees take their responsibility under the Charities (Protection and Social Investment) Act 2016 seriously 2nd have considered the implications for the charity's activities. In the first period, fundraising committee wis established to 8UPPOrt 2nd oversee fundraising. No complaints were received during the period in relation to ￿ndraisIng. li

The Queen sReadingRoom Trustees'RIPort Fortbeperiodended31 Mar¢b 2024 ee eam." Wicki Perrin- CEO Vicki workcd for many years in TV and Radio, and as th¢ produccr of th¢ BBC'S 5(X) Words comp¢tition. She hclpcd to found the Marcomms function at Princ¢ s Trust International, b¢for¢ becoming a festival producer for The Sunday Times. Sh¢ founded The Quccn's Reading Room as a chariry in 2023, having run it as a book club since 2021. Kirstie Logan-Townshend- Director of Marcomms Former Publiciry Director & founder of Kirstie Logan PR, Kirstie developed her PR career at CLD Communications and Premier PR. As a Senior Press Officer with the Department for Science, Innovation and Technology, she led on AI and Digital Infrastructure for the UK government. Molly Ramsden- He*d ofTaient IKlolly worked as a literary agent for fifteen years, stt￿tIng As an assistant at the Wylie Agency) then moving to Janlow & Nesbit UK Ltd Ind finishing with A personal list of young fiction writers At Luigi Bonomi Associates. Dr Eva Haghighi- Head of Production Evx is a passionate supporter And Advocxte frjr literature and holds a DPhil in Classical Languages knd Literature at Oxford University. Meet the Board Gf Trustees Chair: Amanda Mackenzie LVO OBE Former Chief Executive of Business in the Community and former CCTrIO at Aviva. Aminda has over 30 years of commercial experience, induding director roles at British Airways Airmiles, BT and British Gis. She is a non- executive direetor And cummittee chair at Lloyds Banking Group and British Lind. She was un the boArd of the National Youth Orchestra for 10 year5 and wk5 a ￿ember of Lord Davies reNryew to increase women on board5. Trustee and Chair of the Finance Committee: Aatif Hassan Aatif founded Dukes Education in 2015. He is also Chairmth of Cavendish Education. a group of 11 schools for pupik ￿ryth dyslexia and autism. and a trustee of St Janie5 Independent Schools. Aatif 15 also on the board of CReSTeD. Aatif has a fir5t-class degree in Mathematics and Econornics and also had a British Arrny cornmission. In 2020, h¢ was 2wardcd th¢ Fr¢¢dom of City of L)ndon for Se￿iC¢S to ¢ducation. Trustcc: Anunda Macmanus CVO Forn]crly Privat¢ S￿retary to Th¢ Qu¢¢n for ovcr 25 years, Amanda Macmanus has ov¢rs¢cA nun]¢rous international Tours, and State Visits from Pr¢sid¢nts and monarchs around d]¢ world. Slie has b¢¢n instrumental in d¢veloping The form¢r Duchess of Cornwall's patronag¢s and prcsidcncies of literacy charitics in the UK. Trustee: Gyles Brandreth Writer, broadcaster, actor, former MP and Lord Commissioncr of the Treasury? now Chanccllor of the UnAversity of Chester. Regular TV and Radio presenter and podcast host, Gyles is the Foundcr of Poetry Together, which encourages young and older people to learn poetry together. He is an inaugural ainbassador for the Royal Commonwealth S(Kiery and an active supporter of The (Lueen s Commonwealth Essay Competition. 12

The Queen sReadingRoom Tru&tee5 R<Port For tbePertodended31 Marth 2024 erence an mznzstratzve etaz Registered Charity number 1201916 (England and Wales) Registered address BDB Pitmans LLP l Bartholomcw Close London ECIA 7BL Trustees Chair: kn]anda Mackenzie (February 2023 - prcscnt) Chair of the Finance Committee: Aatif Hassan (Febrnary 2023 - present) Amanda M&cM&nus (February 2023 - present) Gyles Brandreth (Fcbruary 2023 - prcscnt) Auditors Saffcry LLP 71 Queen Victoria Street London EC4V4BE Accountants Sedulo London Limited Office 605, Albert House 256-260 Old Street London ECIV 9DD Bank Coutts 440 Strand London WC2R OQS 13

Tlje I)uee￿,5 Re￿I￿g Room Trus,Pees'R¢Port Fi?r I'.bePeriodended31 March 2024 Statement ofthe Trustees Responsibilities The trustees arc rcsponsible for preparing the Trustees Rcport and thc financial statemcnts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to ch￿itIeS in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state OF ￿.[airS of the charity and of the incoming rcsourccs and application of rcsollrces of thc charity fi)r that period. In preparing these financial statements, the trustees are rcquircd to= select suitable accounting policies and then apply them consistently- observe the methods and principles in thc Charities SORP-, makc judgen]ents and cstimates that arc reasonable and prudcnt- state whether applicable accounting standards have been followed, subject to any material departures disdoscd and cxplained in thc flnancial statements- and prepare the fin2nci&l stitements on the going concern basis llnless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufyicient accounting records th&c disdose with reasonable accuracy at any timc thc financial posltion of thc charity and enable them to cnsure that thc fi.nancial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps fi)r Ihe prevention and detection of fraud and other irregularities. The trustces report was approvcd by the Board of Trustces. S*n•d by.. É¥tLSS A N Hassan Tru5tcc and Chair of thc Financc Cotntnittcc 112312025 Date.. 14

T,Se Queen s Reaaing Room IndePendentAuditor's Report to the Trustees op1￿lon We have audired the financial srattments of The Qiieen's Reading Room Ith¢ 'chariryl fnr the period ended 31 March 2024 which comprise the qtatement of financial acriviti¢s. the halance qliett, the sratemenr of ca%h flows and notes to the financial statements, including significxnt accounting policies. The financial reporting framework that has been applied in their preparatioii is applicabl¢ law and Uiiited Kingdom Accounting Standards, including Financial Reporring Standard 102 The FinanLial Reporting Standard applicable in the UK and Republic of IreL*nd (United Kingdom Generally Accepted AccoutLtLn Pri2Cticel. In our opinion, the financial statenients.. gil'e 2 true fair i'iew of the st2te OE the Lharity's atTairs as xt 31 M2fLh 2024 and of its inLoming resourLes and applicarion ol-resources, for rhe period then ended; have been properly prepared ill accordance Ivith United Kingdom Generally Accepted Accountit)g Practice-, and have been prepared in ￿COrd￿nie with the requirements of the Charities Act 2011. Basis for opillion Wc conductcd our udit in 1ccord4￿ce Wlth lntcrAat10￿lI Standth19 on Auditing IUKI IISAs IUKII and applicablc l£lW. Our r¢sponsibilirie5 under those srandards are further described in the A￿ditor'S re5ponsibiliries for rh¢ audir of the financial statements section oEoiir report. We are independent of the charity in accordance with the ethical requirements that Are relevanr to our audit of the fitxancial qtatements in the UK, including the FRC s Ethical Standard, and we have fulfilled our other ethic21 responsibilities in 2ccordxnce with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to providt a basis for our opinion. Contlusions relating to goin￿ conter In auditing the financial statenients, we have concluded that the t￿st¢C5 use of the going concern basis of accounting in the preparation of the financial sratemenrs is appropriate. Based on the work we have perfortned, we have not identifjed any mateTi21 uncertainties ielating to events or conditions th2t, individually or coLitctively, may cast significant doubt on the (hinrfg ability to continue as a going concern for a period of at least tt4'elve monrhs from when the financial 5tarenients are authorised for issu¢. Our ￿eS￿￿51b￿ltles And the responsibjlities of the trustees wirh respect to wing concein are described in the relevant scctions oEthis rcport. Other inforniatio The orher infnrmation comprises the infnrmation included in the annual reporr other than the financial 5tarements and our auditur's rLpurt thLrLun. ThL trustccb arL fLspvllbiblL fur thL UthLr infumatiori Luntaincd within thc annual rLpurt. Our opinion on the financial statements does nor cover the other infr)rmation and we do not express any fnrm of &ssuranc¢ tuntlusiort thereun. Our ie5punsibihty 15 tu read the uther iAfurmatioA and, in duiA% 50, tonsider whether the uther information is martrially incoiisisrenr with rhe financial stateinenrs or our knoivledge obraiiied in the course of rhe audit, or otherwise appears to be tnateiially misstated. If we identifv suth mateii31 intoAsistenties or apparent m3tetial misstatements, we are required to determine whether this gives rise to a material missraiemenr in the financial starements thems¢lv¢s. If, based on the work we have perfOr￿ed, we conclude that there is a material fflisstatement of thi5 Other inforniation, we are required to report that f.act. We have nothing ro repor¢ in this regard. 15

T,Se Queen s Reaaing Room IndePendentAuditor's Report to the Trustees (cont.) Marters on which we are required to report bj exceptiot) We hwe nothing to report it) respect of rhe following m1rters in relation ro which the Charities IAccounts and Reports) Regukntions 2008 require us to ￿e￿rt to vou if, in our opinion.. the infomiation gven in the financi31 State￿entS is inconsistent in any rnaterial respect with the trustees rewrt. or sufficient accounting records have not been kept. or the fin￿CIal statements ar¢ not in agr¢¢m¢nrwirh the accout]ting records. or we have not received all tlie informarion and ewlanarion5 we requir¢ for OUT audit. Responsibilities of trustees As diptained rnore full}. in the statement of tiustees responsibjlities, the trL15tees are responsible for the preparation of the financial st1temenrs and tor being S&2tisfied rhat rhe}, give a true 1nd fair vieiv, and for such interll￿ conrrol as rht rrusrees determine is necessary to enable the preparation of financial statements that flee frorn material misstatement, whether due to fraud or error. In preparing the financial sratemenrs, the trustees are responsible for assessing rhe charitls ability ro coiirinue as a going concern, di5cIosingy as applicable, matters related to going concern and using tlie going concerii basis of accounting unless the tnistecs eirhcr intend to CCASC opcrations, or have no realistic alrcrnative but to do $0. Auditoi s iesponsibijities for the audit of the financial statements We have been appninted as auditnr under section 144 nf the Charities Act 2011 and report in accordance with the Act and rdcvant rcgulations m'adc or hI￿ng cffcct thcrcundcr. Our objcctivcs rc to obmin reasonablc assurancc about whethcr thc financial statcmcnts as a whole arc frcc frorn matcrial missrat¢meiit, Ivherher due to fraud or error, and to issue an auditor s report thar include5 our opinion. Reasonabl¢ assuranc¢ is a high levcl of assurancc biit is not A giiarantcc that an Audit Londucted in accord￿Ce with ISAS IUKI will aiwa}'s dcteet a matcrial missrat¢ment when it ￿ls1$. Nliqqratements can arise from fraud or error and are considered marerial if, individually or in the Aggre¥ate, they could reasonably be expected to inauence the economit decision$ of users trAken ort the basis of these financiAI statements. 16

The Queen s Reading Roopn IndePendentAuditor's Report to the Trustees (cont.) Irregularities, indudit)g fraud, are insrances of non-complianc¢ with L3WS at)d reguLations. We design procedures in Line with our iesponsibilities, outlined above, to detect tnaterial misstatements in respect of irieylaiities, including fiaud. The specifjc procedures for this engagement at)d rhe extenr to whid) these are capable of detecting irregularities, including fraud are detailed bdow. Identifying assessing ri5k5 rdated to irregL]laritie£.. We Asse55ed the £usceptibility, f the ch2riry 5 financi21 %tttetnent% to matcrial missmtemcnt and how fraud tnight occur, induding through discussi011g Wlth thc trustccs. discussions within our aiidit teatn planning meetingy updating gur record of inr¢rnal controls and ensuring these contro15 operated as inr¢ndtd. We evaluared )ssible incentives and opportunities Ivr Eraudulent manipulation of the financial statements. Ive identified I￿$ and reguLitions that ire of significance in the contLYt of the chiriry hy di.£cu££inn5 With Miste￿ at]d updating nur understanding nf the .sectnr in which the charity opcratcs. Laws and regLdat10115 of direct siwificance in the cont&Yt of the charity indude the Chatities Act 2011, the Ch￿ltieS (Accounts and Reporrsl Regulations 2008 guidance issua by the Cliarity Commission for England and Wales. Audit respons¢ to risks idtntifitd.. We considettd the &Ntent of cotnphance Ivith these laws and regulatlolls as p￿t of our audit pioceduTe5 on the ielated financial Statement itetns includin¥ a ieview of fjnancial st3tetnent disclosures. We i￿￿twea the chatity's records of breaches of laws and regulations, minutes of mtttiiigs and correspoiidence with relevaiit aurhorities ro identify p)tential &terial ￿lsStatementS arising. We discussed the charity's policies and prncedur￿ for compliance with laiys and regulations ￿7th members of managem¢t)t responsible for comphance. During the planning meeting with the audir reatn, the engagement partner drew attention to the key areas which might involi'c non-compliancc with laws and rcgulAtions or fraud. Wc cnquired of management whethcr thcy ivcrc aware of an}. instances of non-complianc¢ with laws ana regulaiions OT knoiYledg¢ of any actual, suspected or alleged fraud. We addressed the risk VE fraud through manaxemertt ul'erride of Lvntruls by t¥btin¥ the apprvpriateness uf journal entries and idenrify'ing any significanr transacrions that Ivere unusual or outside the normal course of business. We assessed whether judgement5 made in making accounting estimateg gave rise tu a possible indilation of m2nagement bias. At the eompletion stage of rhe audit, the engagement partner's review included ensuring rhat the team haa approached their work wirh appropriate profe5siuThal sceptlLisni and thus the capacity to identify nOn-Co￿p1Iance with laws and regulations and fraud. There are inher¢nt limitations in the audit iirocedures dtscribed above aiid rhe further removed non-compliance with laivs and reguLatiOns is from the events transactions reflected in the financial statetnents, the less likely Nwe wuuld become aware of ir. Also, the risk of not detecting a material misstattment due to fraud is higher than the risk of not dettcting one resulting from ettor, as fraud mav involve delibeiate Conce￿￿ent b},¥ foi ￿L￿nple, forgery or intentionaL misiepresentations, or through collusion. A further description of our responsibilities Is available oil the Financial Reporting Couiicil's website ar.. https../l w¥￿v.frC.or￿.uk12udlt0rSreSpoTrSlbll1tles. Thi5 description forms part of our auditor 5 report. Use 0£ our report: This report is made solely to the charit) s trustees. as a Ixidy, in accordance with Part 4 of the Charities (Accounts and Reports) ReguL2tions 2008. Oiir audit work has undcrtakcn so that WL might statc to thc trugtccs those matters we are required to state to them in an 2uditor's rep)rt and fur no other piiipose. To the fi￿eSt extent peimitted by law, we do not attept or assunie reS￿n51b￿lty to other than the tharity and the trustees as a body7 for our audit work, for this report, or for rh¢ opinions we hav¢ fornied. 17

Tir4Stees RtPort For ibeyearended31 Marr/J 2621 4 IndePendentAuditor's Report to the Trustees (cont.) Saffery LLP IStatutoryAuditors) 71 Quecn VLCtoria Strcet London EC4V 4BE 28 January 2025 Saffery LLP is eligible for appointnient as auditor of the charity bv virtue of its eligibiliry for appointment as auditor of compat)y under section 1212 of the Coxnpanies Act 2006. 18

The Queen s Reading Roopn Statement o inancialActivities ncluding Income andExPenditureAccount FOR THE PERIOD ENDED 31 MARCH 2024 Unrestricted Funds 2024 Restricted funds 2024 Trjtsl 2024 Notes Income from.. Donarions and legacies Charitsble activities 1,059,379 36,290 46,559 1,105,938 36,290 Total inconie 1,095.669 46,559 1,142,228 Expenditure un.. Raising fijnds Charitable ￿tiVitieS 5,335 484,916 5,335 501,091 16,175 Totat expenditure 490,251 16,17) 506,426 Net income and movemetLt in fiuds 605,418 30,384 635,802 Reconciliation of fvnds: Fund balance5 at 13 Febtuaty 2023 Fund baLantcs at 31 March 2024 605,418 30,384 635,S02 The stareInet)t of fi￿￿￿£1a1 activities includes all gains and losses recognised in the period. All it)come at)d eXpe￿ditUre derive from continuing activities. 19

The Queen s Reading Rtso For thePeriodended31 MaTch 2024 Balignce Sheet AS AT 31 TrIARCH 2024 2024 Notes Fixed assets Intangible assets 12 146,520 Currettt assets Cash at bank ana in hand 515,621 CicditrJ15'. amount5 f311ing duc within unc yc 13 (26,3391 Ner current assets 489,282 Nct Assets 635,S02 The funds of rhe chariry Restricted incoine fiinds Unrtstricttd funds 14 30.384 t4)5.418 15 635,S02 112312025 The f,.nanaal statements were approved by the trustees on s￿n￿d by. C17BAIOB2QQE4B¢. A N Hassan Trustcc Chair of the FiAancc Committre 20

The Queen s Reading Roopn Statement of Cash Flows FOR THE PERIOD ENDED 31 MARCH 2024 2024 Notes C2sh floME from opeiatirtg activities Cash ￿nerated frotn/labsorbed by) operations 19 662,141 Invtsting activities Purchase oFiAtaAgible asbets 1146.5201 Nct cash used in iAVCSting Activitics 1146,5201 Net eL£h used in financing activitie£ Net increase irt cash and cash equivalents 515,621 Cash and cash equivalents at beginning of period Cash and equivalents at et)d of period 515,621 21

The Queen s Reading Roopn Notes to the Financial Statements FOR THE PERIOD ENDED 31 MARCH 2024 Accounting polici¢5 ChdTity infornjation The Charity is eontrolled by its ￿verning dotument, a Constitutiun uf a Charitsble Intorpurated Organisation. 1.1 Re￿rtIng period The annual financial statenients are presented for a period longer than one year as this is the first year of operation. 12 Accounringconventio The Pinancial statements have beet) prepared in accordance with the chariry's Igovernit)g documenrl, the Ch￿]tieS Act 2011, FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102") and the Ch21ities SORP "Accounting and Reporting by Chaiities.. Statement of Reconimended Practice plicable to charities pie arin¥ their accounts in accordance with the Financial Reportin e UK and RepubLic of ¥relaAd (FRS 102}" letTtetivc l January 20191. The charitv is 2 Standard a plicable in It Entity as defined by FRS 102. The fInancial gt1temenrs h<ive deparred from the Charities (Accounts and Reports) Regulations 2008 onl}, to the txtet)t required ro provide a true 1nd fair Yieiv. This deparrure has involved following the Sr1ttmenr of Recommended Pracrict for charities ai)pl}ryng Tr'RS 102 rather rlian tlie version of rhe Statemet)t of Recotnmtnded Practice which is referred to iii the Regulations bur which has since been wirhdrawn. The financial statements are prepared in sterling¥ which is the ￿nctiOnS1 cuirency of the chatity. Monetary aniounts in these financial starements are rounded to the nearest £. The financial statement5 have been prepared under the historical cost convenrion. The principal accounting policies adopted are set out below. 1.3 Goingconcern At the time of approving the finanoal statements, the trjstees have a reasonable txpectation tl)at the chariry l)&s adequate resourtts to tontinue in operational existence fur the foTrreseeable fiture. Thus the trustees Continue to 2dopt the going conceni basis of accounting in preparing the finaiicial statements. 1.4 Charitable funds Uniestricted fi]nds are available for use at th¢ discretion of the trll5tees in fifftherance of th¢ir Charitable objectives. Designared funds comprise funds iyhich have been set aside <lt the discretiot) of the trustees for specific purposes. The purposes and uses of the designated funds are set out in th¢ notes to the financial statement5. Resiricred hnds are subject tn specific condiriDns by dnnors nr granrnrs as to how rhey tnay be used. The purposes and uses oEtht restticted funds set out in the notes to the fiAanciaL statements. 1.5 Income Income is rtcognised ivhtn the chariry is legalty entitled to it after anv performance conditions have been met, the atnounts can be tneasured reLiably¥ and it is probable that incoine will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of th¢ donation, unless perfomance conditions require deFtrral 0£ the amount. Income tax recovtrable in relation to donations received under Gift Aid ar deeds nf covenant is recngnised at the tinie of the dnnatinn. 22

T,&e Queen s Read'.iigRoom Notes to the Financial Statements (cont.) FOR THE PERIOD ENDED 31 MARCH 2024 Accounting po]icies (Continued} 1.6 Ex￿ndi￿re F￿pendi￿re is recognised once there is a legal or constwctive obligation to rran5fer economic benefit to a rhird &iaTry, it is prubdble that 2 transfer oEeconomic benefits will be required in settlement, and the amount of the obligation tan be measurd reliably. ExpendIt￿e is classified by attivity. The tosts of eath attii'ity ￿e ￿ade up of the total of diiett costs and shared costs, indiiding siipport costs involvcd in undcrtraking cach Jctiviry. Dircct costs attributable to a singlc activity arc allocated directly to that activit!. Shared cosrs which coiitribllte to more than one activiry aiid supporr c05ts which are nor attributable to a singlc activity arc apportioncd bctween thosc activities on a basis eottsistcnt ￿th thc use of rcsources. Allocation of yvernance 2nd suP￿rt costs based on the staff titne allocated to each activity. 1.7 Intangible fjxed assets other than goodiThull Inrangible assers acquired separately from 8 bwsin¢55 are recognised ar cost and are subsequenrly measured at cosr le5S ￿tl￿mU[￿ted dmortisation and dCLumulated impairment losses. Atnortisation is recognised sn as to wtLte off the cost or vsluation of assets less their residual values over their useful lives on the following bases.. Dcvdopment Costs over 3 vears 1.8 Irnpairment of ftyed assets At eacl) rep)rting end date, rhe chariry reviews the carrving amounts of its ran￿ble and inrangible assers to deterniine whether there is any indieation that those assets have suffered impaiiment 105$. If any suth indication exists, the recoverable amounr of the asset is estimated in order to aetemiine rhe extent of the impairment loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents inilude cash in hand, deposits held at call with batiks, orher short-term liquid ijivestments with original matuiities of three months or less, bank oveidrafts. Bank oyeidrafts are shown within borroiyings in current liabiliries. 1.10 Finwirial instn]ni¢nts Tlie chariry has elected to apply the provisions of Section 11 'Basic Finat)cial Instruments and Section 12 '0th¢r Financial Instruments Issues of FRS 102 to all of its financial instrnments. Financial Instni￿eTrts are recognised in the Ch￿Ity'S balance sheet when the Ch￿Iry bec0￿e5 party to the contractual provisions of the it)strument. Financial assets and liabilities art offset, with the net amounts presented in the finanual Str£ltements, when there is legally enforceable right to set off the recngni£ed aniounts ind theie is intention ta 5ertle on a net hasi5 or tn realise thc assct and scttlc thc liabiLity simultancously. Basic financial assets. which indude debtors and cash and bank balances, are initially measured at transaction pri incliiding transaction costs and &ire subsequet)rlv carried at amorrised cosr usit]g rlie effecrive interest merhod iinless the aiiangement constitutes a financing tiansaction, where the transaction is tneasuied at the present value of the funirt receipts discout)red at a market rate of it)terest. Financial assets classified as receivable wirhin ont year are not atnortised. 23

The Queen s Reading Roopn Notes to the Financial Statements (cont.) FOR THE PERIOD ENDED 31 MARCH 2024 Attounting po]ities (Continued} Basic financial Liabilities, including creditors and bank loans are initially recognised at ttansacrion price unless the arrangenient constitutes a financing t￿nSaCtion, where the debt instrunieiit is measured at the present value of the future payInents discounted at a market rate ofinterest. Finattciai ]iabilities dassified as payable within one year are not atnorti8ed. Tri2de creditors are obligations to pa}, for gods or setvices thar h&2Vt been acquired in the orth.nary course of opentions Fro￿ 5uppLiers. Amount5 payable are classified as current liabilities if pa)r￿ent is due within one )r3r ur less. If nor, they are presenred as non-currtnr liAbiLities. TrAd¢ creditors are recognised initially at transAcrion pric¢ at)d subsequently easured at amoitised cost using the effective interest method. 1.11 Employee bentfits The cost of any uiiused holiday entLtl¢m¢nt is recogmised in the period in which rhe employee s services are received. Tertnination benefirs are recogmised iinmediately as an expense whet] the chariry 15 deJnonstrabl}' cojninittd to terminate the emplowiient of 2n eniploTree or to provide termination benefits. 1.12 Rttirtmcnt bcncfits Pa}'tnents ro defintd conrriburion retirement benefit schtmes art charged as an expense as they fall due. Critica] accountingestitnates and judgements In the application of the charirfs accountit)g policies, rhe trustees are requir¢d to make judgemet)rs, estimates and asSu￿PtIOns about the cairying amount of assets and liabilities that are not reidily apparent fro￿ othei souices. The estimates and associated assutnprions are based on historical experience and other factors that are cot)sidered to be relevant. Acrnal iesults may differ froni these estiniates. The estiniites and underlyiThg assumptions are reviewed on an ongoing basis. Revisions to accounting estin12tes are recognLged in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and hture perinds where the revisinn affect8 bnth current and ￿tllre perinds. Inconie from donations 8ndkgaci UArestsicted ds 2024 Restricted funds 2024 Total 2024 rjonations: Individua15 and other Donarions: Trnsts and Foundations 149,379 910,0(M) 149,379 956,559 46,559 I,Oi9,379 46,559 1,105,938 24

The Queen s Reading Roopn Notes to the Financial Statements (cont.) FOR THE PERIOD ENDED 31 MARCH 2024 Income from charitabl¢ activities Unrestricted funds 2024 Festival Co-production fee 36,290 Exwditllre on raising fund5 Unrtstricted Ads 2024 Fundraising and publicity Other fundraising costs 5,335 25

The Queen s Reading Roopn Notes to the Financial Statements (cont.) FOR THE PERIOD ENDED 31 MARCH 2024 Exwditllre on chsritable actiTruties Content 2024 Festiv Reseaich Total 2024 2024 2024 DirectC05ts Staff costs Operation4 IIMGI It)suranc¢ Orher expet)ses Marketing Personncl Videu produition, photugraphy and filming Software and equipment Fr¢¢lance produc¢r5 Travel and food costs Website Restarch 206,653 206,653 43,409 15,537 5,386 54285 3,122 31,987 8,585 2,879 15,378 3,9 72,891 43,409 15,537 5,386 53,779 1,950 6,404 506 1,172 25,583 8,585 2,879 li,191 3,944 363 187 72,528 264,876 126,652 72,528 464,056 Share of supportandgoyernantt costs (see note 7) Suppurt Goveinance 16,335 20,700 16,335 20,7 301,911 126,6)2 72,528 501,091 Unr¢srrict¢d hiids Resrricted hnd5 285,736 16,175 126,652 72,528 484,916 16,175 301,911 126,652 72,528 501,091 SUP￿￿t Costs allocated to activitie5 2024 Le%31 fees Accountanq support Governance cn£ts 3,774 12,561 20,700 37,035 26

The Queen s Reading Roopn Notes to the Financial Statements (cont.) FOR THE PERIOD ENDED 31 MARCH 2024 Net movement in funds 2024 Thc nct movcmcnt in fvnds is statcd aftcr charging/lcrcditingl.. Fees paFble for the audit of the chariry's financial staten]ents 16,080 Trnstees None ot the trusrees (or anypersons connected with them) received any r¢muneratiot] or benefits frotn the chariry, during thc pcriod. I ttustee had expenses reimbutsed tot3lling£394 in relation to ￿eetIng tosts with potential donors. 10 Employee5 The average monthly number of employees during the period was.. 2024 Number Total staff Employment costs 2024 ges and $aL￿leS Social security Costs Other pensiun Lusts. 188,526 15,139 2,988 206,653 The numbtr of emplovees who8¢ annual remuneration ivas more than £60,(XK) is as follows: 2024 Number £90,001- £1(X),o(x) Remuneration of key managementpersonnel The Key Lvlanigement Per%onnel are conqidered tn the Tr￿￿tee5 atd the Chief Executive Otyicer. The rcmuncration of kcy managcmcnt pcrsonncl was as follows.. 2024 Aggregate compensation Ili,298 27

The Queen s Reading Roopn Notes to the Financial Statements (cont.) FOR THE PERIOD ENDED 31 MARCH 2024 li Taxation The chRrity is exempt from taxation on its activities because all its iALome is applied frjr tharitable purwses. 12 Intangiblc fixed assets Devdopment Costs Cost At 13 Februari. 2023 Additions- internally deyetoped 146,520 At 31 March 2024 146,520 Atnortisa¢ioA and itnpainnent At 13 February 2023 and 31 March 2024 Carrying amount At 31 Mareh 2024 146,520 The intangible asset relates tu the develupment Of 2rt App tu allow readers tu set goals, aLcess bouks 2nd traLk their reading. As at 31 March 2024, the App was unaer construction and tl)¢refor¢ amortisation has been applied. 13 CreditoIs: RJnount5 fRllingdue within one Far 2024 Trade crediiors Other credirors Accruals and deferred income 2,730 929 22,680 26,339 14 Restrieted fiLnds At 13 Febru 2023 Incomillg resources Resources eKkxnd¢d Ar31 March 2024 Hawthornden 46,559 116.1751 30,384 Hrnhorndett - this grant was for the contribution towards content producrion. 28

The Queen s Reading Roopn Notes to the Financial Statements (cont.) FOR THE PERIOD ENDED 31 MARCH 2024 15 Unre5tsicted fi￿dS At 13 February 2023 Incorning resourcts Resources pended Transfers Ar31 March 2024 Unwin FouAdatioA- Dcsign2ted Intangible a55et5- Desi¥nated General fi￿dS 7(X),000 1345,5131 146,520 1146,5201 354.487 146.520 104,411 395,669 1144,7381 1,095.669 1490,2511 605,418 Unwin Foiindation- this grant has bcen designatcd by the ttustecs for thc purposes of sponsoring thc fcstival Eor 2023 and 2024 £300,OIX), carrying out research £2(X).IX)O aiid the development of rhe App £200,000. Intangible Assets - this represents the net [￿0k value of the intangible fixed assets which are used for charity purwses and any movemetLt in the fund represents the niovenient in the net bookvalue and is pr(Kessed as a tr￿sfer between this fund and the general fund. 16 Analysis of net assets b¢¢we¢n funds Unrestricted funds 2024 Restricted funds 2024 To¢91 2024 At 31 March 2024: Intangible fixed assets Ner current asserdlliabilities) 146,520 458,898 146,520 489,282 30,384 605,418 30,384 635,802 17 Capitai comtnitments As at 31 M2reh 2024, the eh2rity entered into 2 tont12Ct with 2 supplier fur the cornpletion 0£ Phase 2 of the App development. The remaining amount under cojirract is £93,480. 18 Relatea partytt#nsaL*ions There wer¢ no aisdosable related parry transactioDs during the period. 29

The Queen s Reading Roopn Notes to the Financial Statements (cont.) FOR THE PERIOD ENDED 31 MARCH 2024 19 Cash werated frojn operations 2024 Surplus for the period 635,802 MoVe￿entS in working capital= Increase iii creditors 26,339 Cash generated from/{%bsorbed by) operations 662,141 30

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