audio Qcalibre REPORT AND FINANCIAL STATEMENTS PERIOD ENDING 31st MARCH 2026 Calibre Audio is a charlty registered in England and Wales12866141 and Scotland ISC0514611. A company limited by guarantee in England and Wales117015851. Legal and administrative information Registered and New Road Prlnclpal Address Weston Turville Aylesbury Buckinghamshire HP22 5XQ Company Number 01701585 (England and Wales) Charity Number 286614 (England and Wales) SC051461 (Scotland) Trustees Howard Nead (Chalrl David Stephens (Hon Treasurer- Resignedjuly 20251. John Godber. Robert Aldous, Fraser Hutchinson, Rebecca Gonyora (Resigned September 2025). Miles Stevens-Hoare, Jack Rigg (Resigned May 2025), Dagmara Rochowskl Kyriaki Achillea Chlef Executlve and Company Secretary Anthony Kemp Audltors Goldwins LTD, 75 Maygrove Road, West Hampstead, London, NW6 2EG Bankers CAF Bank LTD. 25 Kings Hill Avenue, Kings Hill, West Malling. Kent, ME19 4JQ Metro Bank One Southampton Row London WC1 B SHA Legal and administrative information Investment Services Interactive Investor Exchange Court Duncombe Street Leeds LS14AX Patrons Damejudi Dench Contact Detalls Telephone., 01296 432 339 Email: en uiries calibre.or Website: wvvw.calibreaudio.or Chair of Trustees What once felt like exceptional uncertainty in 1974 is now something organisations live with every day. At Calibre Audio, we're notjust adaptin& we're looking ahead with confidence. As we move through 2026, we're focused on building resilience, reaching more people and making an even greater impact. Our 50th anniversary in 2024 helped shape what comes next. We now have a clear direction built around three key pillars: My Calibre, Callbre Learnlng and Calibre Communities, guiding how we grow. innovate and support our members. Our priorities are simple. We'll expand access to high-quality, accessible content, to anyone who has a disability which prevents them from reading printed books, be it a visual impartment, a physical disability or been neurodiverse. With a specially focus on children and young people with dyslexia and other conditions who may not be achieving their full potential, while offering an even more personalised service. We're also committed to 5UPPOrting our staff and volunteers, knowins a strong team is key to meaningful impact. We're sharpening how we measure and share that impart too. from improving literacy and education to reducing isolation and boosting wellbeing. There's strong momentum behind these plans. Investment in digital tools like our Catmin portal 15 improving services. Our work with educators, including the SEN Teachers, Conference and Assisted Reading with Audiobooks project, is already showing result5. New partnerships, Includlng those formed at the London Book Falr, are helplng us reach more people, reflected in growing membership and a younger audience, wlth nearly half now under 25. Over the next three years, our focus is clear: expand our reach. strengthen our resilience and deepen our Impact so more people can experlence thejoy of reading. Our five goals are to: Increase active membership to 50.000 Increase national awareness Achieve financial sustalnabllity Improve the lives of older people Improve the lives of younger people I would like to extend a huge thank you to our members, funders. partners, staff and volunteers as your support makes everything possible. Our ambition is simple: to reach more people, change more lives, and remain a trusted, impacrful charity for years to come. Howard Nead Chair of Trustees, 2026 Chief Executive During this period, we were incredibly proud to expand our schoofs learning programme to more schools, deliver more hours of audiobooks to our members than ever before and be able to deliver social value through our Calibre Communities projects across Buckinghamshire and nationally. Calibre Learning is now delivering in partnership with 42 schools, our free assisted reading programme- provtding supportand improved learning outcomes for over 540 children nationaSly with Dyslexia and other learning disabilities. Calibre Communities continue to work with partners in local authorities and the communityto run bookgroups, and with the support of fundingfrom Heart of Bucks and the Milton Keynes Community Foundation, we have been able to take our book group offering to 37 groups nationalty, with 8 being delivered directly by Calibre Audio volunteers and staff. With over 340 people supported through these groups, we can see the impact being part of a communityof like-minded readers can have on an individual. We welcomed 6,152 new members in the lastyear and added another 4,716 new titles to the collection. Alongside ourgrowing membership, we are particularly encouraged bythe shift in our demographlc profile, from one that was primarily olderto one that is now far more balanced, with an almost equal mlx of olderand younger members. We would like to thank all our Volunteers who supported us with over 7,500 hours by narratlng and checking new books and supporting us in our operations. This Is the equivalent to £120,000 of value delivered by volunteers, based on the National Living Wage. 2025126 was another challenglngyear for raising Income and we would Ilke to thank everyone who has donated to support us and to all the trustand foundatlons who contlnueto support our members and our work In 2025 we were, once again, awarded Great place to Work@ certification and the overall score Increased to 79%. Thls really reflects the culture and values held by our staff and I would like to extend mythanks to them all for their continued hard work and dedication to Calibre Audio. We conducted another member surveywhich showed thatthe service has had a positive impart on members, with 72% reporting that theyfelt less lonely as a result of Calibre Audio. The majorty 187%) found the service easy to use, and MO￿ than half discovered new interests through their books. Additionally, 82% of members were able to find the audiobooks they wanted, contributing to a rise in overall sat15faction. which increased from 8.74 to 9.06 out of10. AnthonyKemp Chief Executive Objectives and Activities The Charity's Objects are to enrich the life quality and opportunities for people of all age groups with a print disability by providing access to audio books and contenL and to raise awareness of related issues affecting such people. The charity furthers its purposes for the public benefit by providing free or heavily 5ubsidised, accessible audiobook5 to people with print disabilities, including those with visual impairments, dyslexia and other conditiorls. It produce5 and curates a diverse and growing library of over 23,000 titles, available in multiple formats such as streaming, download and USB, supported by a high-quality digital platform and personalised member support. Through targeted outreach and partnerships wlth schools. libraries, health organisations and disability networks, the charity extends access to those most in need and advocates for greater recognition of accessible reading as a fundamental right. In additlon, the charity works closely with schools and educators to support children with print dlsabilities, provldlng free access to audiobooks and resources that enhance Ilteracy, learnlng and reading for pleasure. Thls includes integrating audiobooks Into teachlng practlce, supporting guided reading and SEND provision and equipping families and educators with tools to support children's development. Alongside this, the charity fosters inclusive communities through accessible book groups, both online and in person, where Individuals can share reading experiences, bulld confidence and form social connections. Together, these activities reduce barriers to reading, tsckle social isolation and promote Inclusion, independerlce and wellbeing. By enabling people with print disabilities to access books, connect with others and participate more fully in education and community life, the charity contributes to a more equitable society in which everyone can benefit from the enjoyment and opportunities that reading provides. All trustees at Callbre Audio have regard to the Charity Commission's guldance on publlc benefit. Calibre Audio is supported by over 150 volunteers in various roles. From trustees to volunteer narrators and checkers, through to administrative volunteers and library assistants. Together, our volunteers amassed over 7500 hours of dedication to the charity- thls is over £120,000 worth of contributlon by volunteers. All Income received bythe Charity is used solelyfor the benefit of members. The Board of Trustees does not provide any social investment loans or make grants to individuals, charities, or organisations. In 2025-2026, the charity set out a clear set of objectives to gulde Its work over the year. These focused on growing our membership, beginning a new school project through initial pilots and cohorts and supporting the development of member book clubs. both newly established and those already in place, We a150 aimed to better understand and capture positive feedback from our membership, exploring ways to measure and evidence the impact of our services. Strengthening external relationships with charities, publishers and other partners was identified as a key priority. alongside broadening our offer through greater content diversification. Together, these objectives provided a focused framework forthe year, ensuring continued progress in reach, engagement, and the quality of our service. Financial Accompanying info Income Recognised income Increased by £16,755 to a total of £1,140,03812025-£1,123,283). Durlng the year we received donations totalling £503,88312025-£515,7391. Gift Aid claims amounted to £23,583 (2025-£23,027). We generated rental income of £29.803 (2025: £32.406) and subscription income of £62,24312025'. £60.0051. Expenditure Total resources expended decreased by £57.762 to £1,377,14612025-£1.434.908). Our annual expenditure on providing our audio services and digital developments was 87% (2025- 83%) of our total costs. Calibre Audio had net outgoing resources of £237,108 in the year12025- £311,626). The net deficit for 2025126 was £237,10812025- £311,626). Total funds as of 31 March 2026 stood at £2,681.284 (2025- £442,815). Other Income and gains During the year, the Charity adopted the revaluation model in respect of its land and buildings in accordance with FRS 102 Section 17. This resulted in a revaluation gain of £2.475,576, recognised within the Statement of Financial Activities as another recognised gain (revaluation of tangible fixed a55etsl. This gain is non-cash in nature and ha5 been credited to a revaluation reserve within unrestricted funds. Excluding this revaluation movement, the Charity reported the net deficit disclosed earlier in this report on its underlying activities for the year. Achievements and Performance Over the course of 2025-2026. strong progress was made againstthe objectives setfor the year. with a number of key achievements directly supporting these priorities. During the year, we saw 6152 new peoplejoining the seNice and 2830 people leave the servlce. The majorlty of leavers were people who had sadly passed away. Thls took the total actlve members to 13,876. 4716 new books were added to the collection including 707 children's titles and 327 of the books produced were narrated, checked edited by our volunteer5. Our focus on membership growth and member experience was underpinned by the introduction of a new membership services system (Catmin), improving how we manage and support our members. This was complemented by the launch of our first full membership survey, giving us valuable insight into member satisfaction and establishing a clearer framework for measuring feedback going forward. The schools project objettlve exceeded expettation5, With Significant overachievement in both the number of schools engaged (42 in totall and pupil sign-ups (over 5401. These early successes provide a strong foundation forfuture development and demonstrate clear demand for accessible reading support In educatlonal settings. In support of community engagemenL the launch of the Bucks Book Groups marked an important step in expanding our book club offer, building on existing groups and creating new opportunities for connection among members. Finally, progress against our objective to strengthen external relationships is reflected In the establishment of seven new publishing agreements. Importantly, five of these partners are now providing titles free of charge, bringing the total number of publisher relationships to 28, with 12 offering content at no cost, significantly enhancing both the breadth and accessibility of our collection. We also saw over l 00 entrles to our Inclusive Voices competition showing the dedication and engagement of our community. Alongside these achlevements, being recognised once again as a Great Place To Work reinforces the strength of our organisational culture, which underpins our ability to deliver on all of these objectlves. The 2025 member survey gathered 602 responses and was designed to better understand how members experience Calibre Audio's service. The survey aimed to assess satisfaction, explore how frequently the service is used, e5tabli5h a Net Promoter Score INPS), and capture the overall impact Calibre Audio has on members, lives. Overall, the results reflect a highly positive member experience. Satisfaction levels are strong with 65% of respondents classified as"promoter5" and 72% stating they would recommend the service 10 out of 10. These findings indicate that the majority of members value the service highly and are willing to advocate for it. Feedback highlights that what makes Calibre unique is notjust access to audiobooks, but the quality and responsiveness of the service. Members particularly value the absence of waiting times, access to titles not widely available in audio format. and the personalised support offered by the team. The sense of community and inclusion also stands out as a key benefit, with many members expressing that Calibre helps them feel connected and supported. Together, the survey demonstrates both strong satlsfaction and meaningful impact. while also provlding a baseline for measuring and improving the member experience in future. During 2025-2026, Calibre Audio operated within a challenglng external environment that placed Increased pressure on income and resources. Like many chartties across the UK we experienced wider sector fundlng pressures, with reduced availability of grants and increased competltion for funding. This was compounded by legacy income belng lower than anticipated. the legacy problem was further compounded by delays in getting inheritance tax clearance5 from HMRC and delays caused by DWP, creating additional strain on financial planning and limiting flexibility during the year. Progress on a planned land sale was also delayed due to extended timelines in securing planning approval from Buckinghamshire County Council. While we remain committed to progressing the sale, the protracted nature of the planning process significantly slowed momentum and prevented income from being realised within the expected timeframe. At the same time, we continued our commitment to fair pay, with the National Living Wage increasing at a rate above inflation. While thi5 reflects an important and positive step for employees, it has added further cost pressures for the organisation, requiring careful financial management. Internally, the organisation also navigated a period of significant change within the fundraising team. resulting in reduced capacity for approximately six months. This under-resourcing inevitably impacted income generation during part of the year. at a time when external conditions were already difficult. Despite these challenges. the organisatlon remained resilient, continuing to deliver against its objectives while taking steps to stabilise and strengthen its financial and operational position. Financial Review Financial position at the end of the financial year At the end of the financial year, Calibre Audio reported a deficit of £237.108. reflecting a combination of external pressures on income and internal capacity challenges during the year. Reduced legacy income and wider funding constralnts across the sector, alongside a period of under-resourcing within the fundraising team, contrlbuted to Income falling below expectations. In addition. delays in progressing the sale of residual land meant that anticipated funds could not be realised within the planned timeframe. In response, a number of steps are being taken to strengthen financial sustainability and reduce the deficit in the coming year. A new fundraising strategy has been developed. with a clear focus on improving performance and resilience. Central to this is the diversification of fundraising income streams. reducing rellance on any single source of income and creating a more balanced and sustainable funding model. Alongside this, work is contlnulng to progress the sale of residual land, which remains an Important opportunity to generate funds and support longer-term financial stability. Together, these actions are intended to rebuild income. improve financial resilience, and return the organisation to a more stable posltion. Reserves - The charitys reserves as at 31 March 2026 comprised restricted funds of £220,771 and unrestricted funds of £2,460,513. Included within unrestricted funds is a revaluation reserve of £2.475,576, arising from the adoption of the revaluation model for land and buildings during the year, following a change from the cost model. Going Concern - The trustees have considered the charity's financial position, cash flow forecasts, reserves positlon and principal risk5 when assessing the charity's ability to continue as a going concern. The trustees have reviewed forecasts covering a period of at least twelve months from the date of approval of these financial statements and are satisfied that the charity has sufficient financial 10 resources to meet its obligations as they fall due. The trustees therefore consider it appropriate to prepare the financial statements on the going concern basis, The trustees will continue to monitor the charity's financial performance and funding position to ensure that adequate resources remain available to support its charitable activities. During the financial year, a significant proportion of unrestritted income was derived from legacies. However, this income was lower than anticipated when compared with previous trends and expectations. Income from Trusts and Foundations also remained a key funding source, contributing over 10% of the organisation's total income for the year. Looking ahead, there Is a notable level of risk associated with legacy income, as it is inherently unpredictable and not direttly Ilnked to fundraising activity. As such, income from this source may fluctuate in future years, however, there Is posltlve talk across the Industry as delivered in the CAF report that legacy income is still strong natlonally wlth the next generatlon of legators being even more charity focused. Cyber security continues to be a high organisational priority. As a charity, we do not hold any personal information onsite. mitigating the risk of localised cyber attacks. Maintaining member data is paramount and investment in this area during the year ha5 Strengthened the organlsation's resilience and enhanced protections for the future. The Charity is well supported bygrant making Trusts and Foundations, member donation5 and legacies which, due to uncertainty, are a financial risk. The risk is managed through the finance sub-committee by maintaining an appropriate level of reserves to manage the variations in income to which the Charity is exposed and a comprehensive three-year budget and financial plan to ensure excessive expenditure does not threaten the sustainability of the Charity. The organisation's financial position is also influenced by the way legacy income is recognised under accrual accounting. In line with the accounting policy. legacy income is recorded at the point probate is granted. While this approach ensures income is recognised in a timely and consistent manner, it can create a disconnect be￿een reported performance and actual cash flow. Thls Is partlcularly evident with residuary legacies, where the timlng and value of final dlstributions are often uncertain. Delays in the sale of assets within estates, as well as ongoing Inefficiencies in processes with external bodies such as the DWP and HMRC, can significantly slow the release of funds. As a resulL while legacy income may appear strong in the accounts, the receipt of cash can be delayed, creating short-term cash flow pressures. This requires careful financial management to ensure the organisation can meet its operational commitments while awaiting the realisation of legacy income. Plans for Future Periods Over the next three years, Calibre Audio will focus on delivering sustained growth, increased reach. and meaningful impact through five key strategic priorities. 1. Growing Actlve Membership to 50.000 Calibre Audio will work to significantly expand it5 active membership base, with the aim of reaching 50,000 users. This growth wlll be supported by Strengthening partnerships with healthcare providers, schools, education partners, charities, and community organisations, alongside increasing referrals from professionals working with visually impaired and print- disabled individuals. Improvements to digital onboarding and simplifying access to services will further enhance the user experience, while targeted outreach will ensure that underserved and underrepresented groups are better reached. Achievlng this milestone wlll enable more people to benefit from accesslble reading. 2. Increaslng National Brand Awareness and Reach To maximise its impact, Calibre Audio aims to establish itself as a widely recognised and trusted national brand. This will be achieved through integrated marketing campaigns across digital. broadcas¢ and print media, alongside the use of compelling storytelling and user testimonials to demonstrate real-life impact. Strategic partnerships with national organisations and influencers in accessibility and Ilteracy will be developed, and the organisation's presence expanded in public settings such as Ilbraries, GP surgeries, and community hubs. Increased visibility will support growth in membershlp and strengthen engagement with funders, partners, and volunteers. 3. Achieving Financlal Sustainability Ensuring long-term financial resilience remain5 a core priority. Calibre Audio is focused on maximising the value of its assets, including progressing the sale of residual land and divesting non-essential resources to reinvest in the charitys work, while also strengthening and diversifying income across fundraising, grants, corporate partnerships, and individual giving, Particular emphasis will be placed on growing legacy giving. especially among older members, alongside improving donor engagement and retention through a renewed fundraising strategy, 12 Combined with a continued focus on operational efficiency and cost management, these actions will support a more stable financial foundation. enabling ongoing investment in services, innovation, and accessible reading for all. 4. Improving the Lives of Older People Older people represent a significant proportion of Calibre Audio's membership and often face challenges such as isolation, sight loss, and reduced mobility. The organisation will expand tailored content, including nostalgic and easy-to-navigate selections, and improve device usability and support for those who are less confident with technology. Partnerships with care homes, libraries, and health services will help embed audiobooks into wellbeing programmes, while promoting their benefits for mental health, cognitive stimulation, and companionship. These efforts aim to enhance quality of life, independence, and emotional wellbeing among older members. 5. Improving the Llves of Younger People Supporting children and young people is critical to long-term impact. Calibre Audio will broaden its children's and young adult audiobook catalogue. including content aligned with educational curricula. Partnerships with schools, SEND services, and families will increase awareness and uptake, while the development of engaging, age-appropriate user experiences and digital platforms will enhance accessibility, The organisation will also advocate for inclusive reading solutions within education systems, helping to support literacy, confidence. and educational achievement among young people. Across all five priorities, Calibre Audio's strategy is centred on growth, visibility, sustainabllity, and impact. By expandirsg its reach while enhancing the quality and accessibility of its services, the organi5ation is well positioned to transform more live5 through accessible reading over the coming years. The Trustees are confldent in the future direction of the organisation, having been fully engaged in the development and sign-off of its strategic approach. There is strong support at Board level for the continued diversification of Calibre Audio's servlces, recognislng rhls as an important step in strengthening resilience, broadenlng impact, and ensurlng the charlty remains responsive to the evolving needs of its members. Structure. Governance and Management Members of the Board of Trustees are also directors of the Charity for the purposes of the Companies Act and trustees for the purposes of law. This report also represents the Directors, 13 report as required by $417 of the Companies Act 2006. The company has taken advantage of exemptions available to small companies under Part 15 of the Companie5 Act 2006 in preparation of this report. The Charity is a company limited by guarantee. It was incorporated on 22 February 1983 and the last amendments to the Memorandum and Articles of Association were on 1 st August 2023. All potential trustees are offered a day visit to Calibre Audio to find out about our seNice first hand and be Introduced to the Executive Management Team. Following the recruitment process, and once confirmed as a trustee, theywill undertake the induction process. This includes pairing with an experienced Trustee who will act as mentor to assist with the first few months in their role. In annual review5. Trustees will be asked if they require anyfurther training to enhance their ability to act as a Trustee for the charity. None of the Trustees has any beneficial interest in the company, nor receives any remuneration. The Trustees have as5e5sed the major risks to which the Charity is exposed, those related to the operations and finances of the Charity and are satisfied that systems are in place that offer reasonable mitigation of the major risks. Trustee indemnity insurance is included in our insurance policies and has been in place throughout the year. The Charity's Trustees give of their time freely. None received remuneration in the year. Details of Trustees, expenses are disclosed in note 10 to the accounts. There are 5 key management personnel, including the Chief Executive who are responsible for strategy development, plannlng, directing, and controlling the activities of the Charity. The remuneration of the key personnel Is reviewed annually and normally increased by considerlng the Consumer Price Index (CPI) and the Retail Prlce Index (RPI). Changes to senior staff responsibilities are also considered when reviewlng remuneratlon. 14 Conflicts of Interest A5 part of our governance process, Trustees and key senior staff are required at the end of our accountlng year to confirm whether they or any close member of their family has any business interests in any company. where an expenditure more than £2,000 is incurred, which may result in a conflict of interest. Risk management The Trustees have a risk management strategy which comprises: A quarterly review of the principal risks and uncertainties that the Charity faces the establishment of policies, systems, and procedures to mitigate or remove Those risks identified in the annual review; and The implementation of procedures designed to minimise or manage any potential impact on the Charity should those ri5k5 materialise. Calibre Audio operates with a clear governance and management framework. The Board of Trustees provldes overall oversight and is responsible for managing and supporting the Chief Executive Officer (CEO). In turn, the CEO leads the Executive Management Team {EMTI, ensuring effective day-to-day management and delivery of the organlsatSon's strategy. A defined scheme of delegation underpins this structure, enabling efficient decision-making whlle maintainlng appropriate oversight. Once the annual budget is agreed by Trustees, financial decisions are managed wlthln this framework, wlth the CEO holding delegated authority for delivering the agreed budget and any additional expenditure items up to £10,000 per item. Any decisions or commitments that fall outside the agreed business plan or budget are referred back to the Board of Trustees for approval. ensuring strong governance and accountability, Fundraising statement Calibre Audio is registered with the Fundraising Regulator. Registration means that Calibre has undertaken to abide bythe terms and conditions of registration, the Fundraising Regulator's "Fundraising Promise" and the Code of Fundraising Practice" Calibre Audio has never carried out any of the intrusive fundraising practices that have been reported in the media as causing annoyance and distress to many. such as fundraising by telephone or door to door. We have never employed third party fundraisers nor engaged with commercial participants, bought. or sold lists of personal data or mailing lists from any source. 15 During the period, we did engage with Lime Green Consultants for some support with Trust Fundraising capacity. We are pleased to report that registration with the Fundraislng Regulator has not involved us in making any significant changes to our activities. We have always tried to be open and honest in all our fundraising and never to apply undue pressure when requesting support from our members. Fundraising activities are undertaken by employees and volunteers, Fundraising communications to individuals are limited to known supporters or members of the service. The frequency of communication is also monitored internally. Such communication is normally by direct personally addressed mail with clear communication of the opportunity to opt out of future mailings. We received no formal complaints during the period. Calibre Audlo is registered in England and Wales as well as Scotland. Registered with FR FUNDRAISING REGULATOR Reference and Administrative Details Calibre Audio is a charity registered In England and Wales12866141 and Scotland (SC0514611. Calibre Audlo Is a150 a company limited by guarantee in England and Wales {01701585). Calibre Audio Is reglstered at the following principal address: New Road, Weston Turvllle, Aylesbury. Buckinghamshlre, HP22 5XQ. During the reporting period, the trustees of Callbre Audio were Howard Nead (Chair). David Stephen5 (Hon Treasurer. Resignedjuly 2025),John Godber. Robert Aldous, Fraser Hutchinson. Rebecca Gonyora (Resigned September 20251. Miles Stevens-Hoare, Jack Rigg (Resigned May 2025), Dagmara Rochowski and Kyriaki Achillea. 16 The Board of Trustees currently {atApril 20261 consists of eight members who meet at least quarterly to administer the Charity. The Board of Trustees appoint a Chief Executive, Anthony Kemp (also Company Secretary), to manage day-to-day operations. The Trustees, with guidance from the Chief Executlve, are responsible forthe process of succession planning to ensure that the Board of Trustees is always composed of members with the requisite experience and skills necessary to contribute to the life of the Board and with the interests of Calibre Audio always in mind. Potential trustees must demonstrate howthey meet the crlterla whlch detail their suitability for membership of the Board. The accountants used during the period were Dux Advisory Limited, Kennel Club House, Gatehouse Way, Aylesbury. HP19 8DB. The Auditors are Goldwins LTD. 75 Maygrove Road, West Hampstead, London, NW6 2EG. The banks are CAF Bank LTD, 25 King5 Hill Avenue. Kings Hill, West Malling, Kent, ME19 4JQ and Metro Bank PLC, One Southampton Row, London. WCI B SHA Investment servlces are provided by Interactive Investor Services LTD, 201 Deansgate, Manchester, M3 3NW, Unlted Kingdom The solicitors used during the period were Foot Anstey LLP, Salt Quay House, 4 North East Quay, Sutton Harbour. Plymouth, Devon, PL4 OBN Sustainability The organisation is commltted to reducing it5 reliance on fossil fuels and to achieving net zero carbon emissions by 2050. Operatlons are currently based within an older building, which presents certain constraints in accessing green energy tariffs. Notwithstandlng these limitations, energy contracts are kept under artive review. As part of the planned supplier renegotiations in 2026, priority will be given to more sustainable, lower-carbon energy options wherever feasible. Practical measures are being implemented to minimise environmental impact. The transition to a digital-first service model will significantly reduced reliance on postal and logistics se￿ices, 17 thereby lowering fuel consumption and associated emissions arising from the distribution of physical audiobooks on USB devices. 18 Independent Auditors. Report to the Trustees of Calibre Audio Opinion We have audited the financial statements of Calibre Audio Ithe'charitable company) for the year ended 31 March 2026 which comprise the Statement of Financial Activities, the Balance Sheet. Statement of Cash Flows and 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 Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pratticel. In our opinion, the financial statements: give a true and fairview of the stste of the charitable companls affairs as at 31 March 2026 and of its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. have been prepared In accordance with the requirements of the Companies Att 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responslbllltles under those standards are further descrlbed in the Auditorfs 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 sufflclent and approprlate to provlde a basis for our opinion. Conclusions relatlng to going concern In auditingthe 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 thaL 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 financial statements are authorised for issue. 19 Our responsibilities and the responsibilities of the directors with respett to going concern are described in the relevant sections of this report. Other informatlon 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 auditorfs report thereon. Our opinion on the financlal 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 statement5 or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mlsstatements, we are required to determine whether there is a material misstatement in the flnanclal statements or a material misstatement 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 nothlng to report in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken In the course of the audit: the information given in the trustees, report, which includes the dlrectors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. 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 materlal mlsstatements In the Trustees, Annual Report. 20 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.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us,. the financial statements are not in agreement with the accounting records and returns; certain disclosures of trustees. remuneration specified by law are not made,. or we have not obtained all the information and explanations necessary for the purposes of our audit. Responsibilities of the trustees A5 explained more fully in the trustees, responsibilities statement, the trustees 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 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 companys abilityto continue as a going concern, disclosing, as applicable, matters related togoing concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responslbllltles for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are free from material misstatement, wherher due to fraud or error, and to Issue an auditorfs 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 {UKI 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 basls of these financial statements. 21 Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detert material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following.. We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charitable company's policies and procedures relating to: Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulatlons. We inspected the mlnutes of meetings of those charged with governance. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. In addresslng the risk of fraud through management override of controls, we tested the appropriateness of journal entrles and other adjustments, assessed whether the judgements made in maklng accountlng estlmates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of buslness. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-comp5iance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmenL forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor's report. 22 Use of our report This report is made solely to the charitable companys 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 charitable companys members those matters we are required to state to them in an auditofs 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 charitable companls members as a body, for our audit worl for this report, or for the opinions we have formed. Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwin5 Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG 23 BREAUDIO 5TATEMENTC*FIPiINCI•LACTIVmfSFQftThFVF•AEItyE03tMAA¢W* UnFe#rl¢Md R¢Xikt*l Tp T• For P4CCMEFROM 16E35É 678 571 *191 ChlAE4bl*kts￿tI qa73 55,432 971.711 1.1ai•2 tKPENoinJREOI4 I￿ngFUnd 171,417 25l113 1.125445 1.19*.n9 1.14>796 ThulEWdftuT• 1.>JlU6Z 1.3ll.146 Nitq*nsllLoii*¥onlnWKrnnl P31.OW) Vil.6¥ 7&40 1475571 1475570 Tot41 122a.3 Fw4nityS&rffln•nrdad￿*S￿YI￿ft￿ 1ot2025SEtibtlE27. CALIBREAUDIO STATEMEPff OFFII4VIcIPLACII￿15F0R T￿EyE0￿MIDJ1￿￿I￿CN1ll1$ CHARNYMJMbEkllfj614 Dds 171 Fund5 91972 24 Z22a,th Z231A69 1311h2 2Y7.113 11&799 442A15 7Y,141 Tqf41KY*J5•1Jl Mwth1016 I4K513 1611. 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Uhlm#•eontThilllnil4rty Th•utha*(￿lknG?O[tytsthebD)pdOlTru￿￿e CALI8IE•MDIO IID15STQThEA¢courirs CWITf NUWER24$614 YÈ•thÈNDlNÈJIt￿cmI1Tr2s SLitirA•ntèlFlrt*nElal*4i1￿tl1s#yFMnd1vlS R4#rkiod Funds IMCOMEFROM 1509 5191 l.D732a2 1.1232gZ tXPENDNUAEON I41￿￿KFUNd 00513 4750 75D I,IU796 IAY,gDg Tot41ExP￿d￿￿Il UnteA15oj8thsltroy￿J B76) 4&15D 1311.$2 13SQ$96) 39370 1311,6261 Tht41 Fur*s FuThla Jndj J9370 N•tmo¥•mthtslnbJrd 1910 (31IAII Tot&fvnts4t1*r4 3Jl4 5WiQg 74.503 J7N2 1?2D 74,Y03 124799 442,815 audio Qcalibre REPORT AND FINANCIAL STATEMENTS PERIOD ENDING 31st MARCH 2026 Calibre Audio is a charlty registered in England and Wales12866141 and Scotland ISC0514611. A company limited by guarantee in England and Wales117015851. Legal and administrative information Registered and New Road Prlnclpal Address Weston Turville Aylesbury Buckinghamshire HP22 5XQ Company Number 01701585 (England and Wales) Charity Number 286614 (England and Wales) SC051461 (Scotland) Trustees Howard Nead (Chalrl David Stephens (Hon Treasurer- Resignedjuly 20251. John Godber. Robert Aldous, Fraser Hutchinson, Rebecca Gonyora (Resigned September 2025). Miles Stevens-Hoare, Jack Rigg (Resigned May 2025), Dagmara Rochowskl Kyriaki Achillea Chlef Executlve and Company Secretary Anthony Kemp Audltors Goldwins LTD, 75 Maygrove Road, West Hampstead, London, NW6 2EG Bankers CAF Bank LTD. 25 Kings Hill Avenue, Kings Hill, West Malling. Kent, ME19 4JQ Metro Bank One Southampton Row London WC1 B SHA Legal and administrative information Investment Services Interactive Investor Exchange Court Duncombe Street Leeds LS14AX Patrons Damejudi Dench Contact Detalls Telephone., 01296 432 339 Email: en uiries calibre.or Website: wvvw.calibreaudio.or Chair of Trustees What once felt like exceptional uncertainty in 1974 is now something organisations live with every day. At Calibre Audio, we're notjust adaptin& we're looking ahead with confidence. As we move through 2026, we're focused on building resilience, reaching more people and making an even greater impact. Our 50th anniversary in 2024 helped shape what comes next. We now have a clear direction built around three key pillars: My Calibre, Callbre Learnlng and Calibre Communities, guiding how we grow. innovate and support our members. Our priorities are simple. We'll expand access to high-quality, accessible content, to anyone who has a disability which prevents them from reading printed books, be it a visual impartment, a physical disability or been neurodiverse. With a specially focus on children and young people with dyslexia and other conditions who may not be achieving their full potential, while offering an even more personalised service. We're also committed to 5UPPOrting our staff and volunteers, knowins a strong team is key to meaningful impact. We're sharpening how we measure and share that impart too. from improving literacy and education to reducing isolation and boosting wellbeing. There's strong momentum behind these plans. Investment in digital tools like our Catmin portal 15 improving services. Our work with educators, including the SEN Teachers, Conference and Assisted Reading with Audiobooks project, is already showing result5. New partnerships, Includlng those formed at the London Book Falr, are helplng us reach more people, reflected in growing membership and a younger audience, wlth nearly half now under 25. Over the next three years, our focus is clear: expand our reach. strengthen our resilience and deepen our Impact so more people can experlence thejoy of reading. Our five goals are to: Increase active membership to 50.000 Increase national awareness Achieve financial sustalnabllity Improve the lives of older people Improve the lives of younger people I would like to extend a huge thank you to our members, funders. partners, staff and volunteers as your support makes everything possible. Our ambition is simple: to reach more people, change more lives, and remain a trusted, impacrful charity for years to come. Howard Nead Chair of Trustees, 2026 Chief Executive During this period, we were incredibly proud to expand our schoofs learning programme to more schools, deliver more hours of audiobooks to our members than ever before and be able to deliver social value through our Calibre Communities projects across Buckinghamshire and nationally. Calibre Learning is now delivering in partnership with 42 schools, our free assisted reading programme- provtding supportand improved learning outcomes for over 540 children nationaSly with Dyslexia and other learning disabilities. Calibre Communities continue to work with partners in local authorities and the communityto run bookgroups, and with the support of fundingfrom Heart of Bucks and the Milton Keynes Community Foundation, we have been able to take our book group offering to 37 groups nationalty, with 8 being delivered directly by Calibre Audio volunteers and staff. With over 340 people supported through these groups, we can see the impact being part of a communityof like-minded readers can have on an individual. We welcomed 6,152 new members in the lastyear and added another 4,716 new titles to the collection. Alongside ourgrowing membership, we are particularly encouraged bythe shift in our demographlc profile, from one that was primarily olderto one that is now far more balanced, with an almost equal mlx of olderand younger members. We would like to thank all our Volunteers who supported us with over 7,500 hours by narratlng and checking new books and supporting us in our operations. This Is the equivalent to £120,000 of value delivered by volunteers, based on the National Living Wage. 2025126 was another challenglngyear for raising Income and we would Ilke to thank everyone who has donated to support us and to all the trustand foundatlons who contlnueto support our members and our work In 2025 we were, once again, awarded Great place to Work@ certification and the overall score Increased to 79%. Thls really reflects the culture and values held by our staff and I would like to extend mythanks to them all for their continued hard work and dedication to Calibre Audio. We conducted another member surveywhich showed thatthe service has had a positive impart on members, with 72% reporting that theyfelt less lonely as a result of Calibre Audio. The majorty 187%) found the service easy to use, and MO￿ than half discovered new interests through their books. Additionally, 82% of members were able to find the audiobooks they wanted, contributing to a rise in overall sat15faction. which increased from 8.74 to 9.06 out of10. AnthonyKemp Chief Executive Objectives and Activities The Charity's Objects are to enrich the life quality and opportunities for people of all age groups with a print disability by providing access to audio books and contenL and to raise awareness of related issues affecting such people. The charity furthers its purposes for the public benefit by providing free or heavily 5ubsidised, accessible audiobook5 to people with print disabilities, including those with visual impairments, dyslexia and other conditiorls. It produce5 and curates a diverse and growing library of over 23,000 titles, available in multiple formats such as streaming, download and USB, supported by a high-quality digital platform and personalised member support. Through targeted outreach and partnerships wlth schools. libraries, health organisations and disability networks, the charity extends access to those most in need and advocates for greater recognition of accessible reading as a fundamental right. In additlon, the charity works closely with schools and educators to support children with print dlsabilities, provldlng free access to audiobooks and resources that enhance Ilteracy, learnlng and reading for pleasure. Thls includes integrating audiobooks Into teachlng practlce, supporting guided reading and SEND provision and equipping families and educators with tools to support children's development. Alongside this, the charity fosters inclusive communities through accessible book groups, both online and in person, where Individuals can share reading experiences, bulld confidence and form social connections. Together, these activities reduce barriers to reading, tsckle social isolation and promote Inclusion, independerlce and wellbeing. By enabling people with print disabilities to access books, connect with others and participate more fully in education and community life, the charity contributes to a more equitable society in which everyone can benefit from the enjoyment and opportunities that reading provides. All trustees at Callbre Audio have regard to the Charity Commission's guldance on publlc benefit. Calibre Audio is supported by over 150 volunteers in various roles. From trustees to volunteer narrators and checkers, through to administrative volunteers and library assistants. Together, our volunteers amassed over 7500 hours of dedication to the charity- thls is over £120,000 worth of contributlon by volunteers. All Income received bythe Charity is used solelyfor the benefit of members. The Board of Trustees does not provide any social investment loans or make grants to individuals, charities, or organisations. In 2025-2026, the charity set out a clear set of objectives to gulde Its work over the year. These focused on growing our membership, beginning a new school project through initial pilots and cohorts and supporting the development of member book clubs. both newly established and those already in place, We a150 aimed to better understand and capture positive feedback from our membership, exploring ways to measure and evidence the impact of our services. Strengthening external relationships with charities, publishers and other partners was identified as a key priority. alongside broadening our offer through greater content diversification. Together, these objectives provided a focused framework forthe year, ensuring continued progress in reach, engagement, and the quality of our service. Financial Accompanying info Income Recognised income Increased by £16,755 to a total of £1,140,03812025-£1,123,283). Durlng the year we received donations totalling £503,88312025-£515,7391. Gift Aid claims amounted to £23,583 (2025-£23,027). We generated rental income of £29.803 (2025: £32.406) and subscription income of £62,24312025'. £60.0051. Expenditure Total resources expended decreased by £57.762 to £1,377,14612025-£1.434.908). Our annual expenditure on providing our audio services and digital developments was 87% (2025- 83%) of our total costs. Calibre Audio had net outgoing resources of £237,108 in the year12025- £311,626). The net deficit for 2025126 was £237,10812025- £311,626). Total funds as of 31 March 2026 stood at £2,681.284 (2025- £442,815). Other Income and gains During the year, the Charity adopted the revaluation model in respect of its land and buildings in accordance with FRS 102 Section 17. This resulted in a revaluation gain of £2.475,576, recognised within the Statement of Financial Activities as another recognised gain (revaluation of tangible fixed a55etsl. This gain is non-cash in nature and ha5 been credited to a revaluation reserve within unrestricted funds. Excluding this revaluation movement, the Charity reported the net deficit disclosed earlier in this report on its underlying activities for the year. Achievements and Performance Over the course of 2025-2026. strong progress was made againstthe objectives setfor the year. with a number of key achievements directly supporting these priorities. During the year, we saw 6152 new peoplejoining the seNice and 2830 people leave the servlce. The majorlty of leavers were people who had sadly passed away. Thls took the total actlve members to 13,876. 4716 new books were added to the collection including 707 children's titles and 327 of the books produced were narrated, checked edited by our volunteer5. Our focus on membership growth and member experience was underpinned by the introduction of a new membership services system (Catmin), improving how we manage and support our members. This was complemented by the launch of our first full membership survey, giving us valuable insight into member satisfaction and establishing a clearer framework for measuring feedback going forward. The schools project objettlve exceeded expettation5, With Significant overachievement in both the number of schools engaged (42 in totall and pupil sign-ups (over 5401. These early successes provide a strong foundation forfuture development and demonstrate clear demand for accessible reading support In educatlonal settings. In support of community engagemenL the launch of the Bucks Book Groups marked an important step in expanding our book club offer, building on existing groups and creating new opportunities for connection among members. Finally, progress against our objective to strengthen external relationships is reflected In the establishment of seven new publishing agreements. Importantly, five of these partners are now providing titles free of charge, bringing the total number of publisher relationships to 28, with 12 offering content at no cost, significantly enhancing both the breadth and accessibility of our collection. We also saw over l 00 entrles to our Inclusive Voices competition showing the dedication and engagement of our community. Alongside these achlevements, being recognised once again as a Great Place To Work reinforces the strength of our organisational culture, which underpins our ability to deliver on all of these objectlves. The 2025 member survey gathered 602 responses and was designed to better understand how members experience Calibre Audio's service. The survey aimed to assess satisfaction, explore how frequently the service is used, e5tabli5h a Net Promoter Score INPS), and capture the overall impact Calibre Audio has on members, lives. Overall, the results reflect a highly positive member experience. Satisfaction levels are strong with 65% of respondents classified as"promoter5" and 72% stating they would recommend the service 10 out of 10. These findings indicate that the majority of members value the service highly and are willing to advocate for it. Feedback highlights that what makes Calibre unique is notjust access to audiobooks, but the quality and responsiveness of the service. Members particularly value the absence of waiting times, access to titles not widely available in audio format. and the personalised support offered by the team. The sense of community and inclusion also stands out as a key benefit, with many members expressing that Calibre helps them feel connected and supported. Together, the survey demonstrates both strong satlsfaction and meaningful impact. while also provlding a baseline for measuring and improving the member experience in future. During 2025-2026, Calibre Audio operated within a challenglng external environment that placed Increased pressure on income and resources. Like many chartties across the UK we experienced wider sector fundlng pressures, with reduced availability of grants and increased competltion for funding. This was compounded by legacy income belng lower than anticipated. the legacy problem was further compounded by delays in getting inheritance tax clearance5 from HMRC and delays caused by DWP, creating additional strain on financial planning and limiting flexibility during the year. Progress on a planned land sale was also delayed due to extended timelines in securing planning approval from Buckinghamshire County Council. While we remain committed to progressing the sale, the protracted nature of the planning process significantly slowed momentum and prevented income from being realised within the expected timeframe. At the same time, we continued our commitment to fair pay, with the National Living Wage increasing at a rate above inflation. While thi5 reflects an important and positive step for employees, it has added further cost pressures for the organisation, requiring careful financial management. Internally, the organisation also navigated a period of significant change within the fundraising team. resulting in reduced capacity for approximately six months. This under-resourcing inevitably impacted income generation during part of the year. at a time when external conditions were already difficult. Despite these challenges. the organisatlon remained resilient, continuing to deliver against its objectives while taking steps to stabilise and strengthen its financial and operational position. Financial Review Financial position at the end of the financial year At the end of the financial year, Calibre Audio reported a deficit of £237.108. reflecting a combination of external pressures on income and internal capacity challenges during the year. Reduced legacy income and wider funding constralnts across the sector, alongside a period of under-resourcing within the fundraising team, contrlbuted to Income falling below expectations. In addition. delays in progressing the sale of residual land meant that anticipated funds could not be realised within the planned timeframe. In response, a number of steps are being taken to strengthen financial sustainability and reduce the deficit in the coming year. A new fundraising strategy has been developed. with a clear focus on improving performance and resilience. Central to this is the diversification of fundraising income streams. reducing rellance on any single source of income and creating a more balanced and sustainable funding model. Alongside this, work is contlnulng to progress the sale of residual land, which remains an Important opportunity to generate funds and support longer-term financial stability. Together, these actions are intended to rebuild income. improve financial resilience, and return the organisation to a more stable posltion. Reserves - The charitys reserves as at 31 March 2026 comprised restricted funds of £220,771 and unrestricted funds of £2,460,513. Included within unrestricted funds is a revaluation reserve of £2.475,576, arising from the adoption of the revaluation model for land and buildings during the year, following a change from the cost model. Going Concern - The trustees have considered the charity's financial position, cash flow forecasts, reserves positlon and principal risk5 when assessing the charity's ability to continue as a going concern. The trustees have reviewed forecasts covering a period of at least twelve months from the date of approval of these financial statements and are satisfied that the charity has sufficient financial 10 resources to meet its obligations as they fall due. The trustees therefore consider it appropriate to prepare the financial statements on the going concern basis, The trustees will continue to monitor the charity's financial performance and funding position to ensure that adequate resources remain available to support its charitable activities. During the financial year, a significant proportion of unrestritted income was derived from legacies. However, this income was lower than anticipated when compared with previous trends and expectations. Income from Trusts and Foundations also remained a key funding source, contributing over 10% of the organisation's total income for the year. Looking ahead, there Is a notable level of risk associated with legacy income, as it is inherently unpredictable and not direttly Ilnked to fundraising activity. As such, income from this source may fluctuate in future years, however, there Is posltlve talk across the Industry as delivered in the CAF report that legacy income is still strong natlonally wlth the next generatlon of legators being even more charity focused. Cyber security continues to be a high organisational priority. As a charity, we do not hold any personal information onsite. mitigating the risk of localised cyber attacks. Maintaining member data is paramount and investment in this area during the year ha5 Strengthened the organlsation's resilience and enhanced protections for the future. The Charity is well supported bygrant making Trusts and Foundations, member donation5 and legacies which, due to uncertainty, are a financial risk. The risk is managed through the finance sub-committee by maintaining an appropriate level of reserves to manage the variations in income to which the Charity is exposed and a comprehensive three-year budget and financial plan to ensure excessive expenditure does not threaten the sustainability of the Charity. The organisation's financial position is also influenced by the way legacy income is recognised under accrual accounting. In line with the accounting policy. legacy income is recorded at the point probate is granted. While this approach ensures income is recognised in a timely and consistent manner, it can create a disconnect be￿een reported performance and actual cash flow. Thls Is partlcularly evident with residuary legacies, where the timlng and value of final dlstributions are often uncertain. Delays in the sale of assets within estates, as well as ongoing Inefficiencies in processes with external bodies such as the DWP and HMRC, can significantly slow the release of funds. As a resulL while legacy income may appear strong in the accounts, the receipt of cash can be delayed, creating short-term cash flow pressures. This requires careful financial management to ensure the organisation can meet its operational commitments while awaiting the realisation of legacy income. Plans for Future Periods Over the next three years, Calibre Audio will focus on delivering sustained growth, increased reach. and meaningful impact through five key strategic priorities. 1. Growing Actlve Membership to 50.000 Calibre Audio will work to significantly expand it5 active membership base, with the aim of reaching 50,000 users. This growth wlll be supported by Strengthening partnerships with healthcare providers, schools, education partners, charities, and community organisations, alongside increasing referrals from professionals working with visually impaired and print- disabled individuals. Improvements to digital onboarding and simplifying access to services will further enhance the user experience, while targeted outreach will ensure that underserved and underrepresented groups are better reached. Achievlng this milestone wlll enable more people to benefit from accesslble reading. 2. Increaslng National Brand Awareness and Reach To maximise its impact, Calibre Audio aims to establish itself as a widely recognised and trusted national brand. This will be achieved through integrated marketing campaigns across digital. broadcas¢ and print media, alongside the use of compelling storytelling and user testimonials to demonstrate real-life impact. Strategic partnerships with national organisations and influencers in accessibility and Ilteracy will be developed, and the organisation's presence expanded in public settings such as Ilbraries, GP surgeries, and community hubs. Increased visibility will support growth in membershlp and strengthen engagement with funders, partners, and volunteers. 3. Achieving Financlal Sustainability Ensuring long-term financial resilience remain5 a core priority. Calibre Audio is focused on maximising the value of its assets, including progressing the sale of residual land and divesting non-essential resources to reinvest in the charitys work, while also strengthening and diversifying income across fundraising, grants, corporate partnerships, and individual giving, Particular emphasis will be placed on growing legacy giving. especially among older members, alongside improving donor engagement and retention through a renewed fundraising strategy, 12 Combined with a continued focus on operational efficiency and cost management, these actions will support a more stable financial foundation. enabling ongoing investment in services, innovation, and accessible reading for all. 4. Improving the Lives of Older People Older people represent a significant proportion of Calibre Audio's membership and often face challenges such as isolation, sight loss, and reduced mobility. The organisation will expand tailored content, including nostalgic and easy-to-navigate selections, and improve device usability and support for those who are less confident with technology. Partnerships with care homes, libraries, and health services will help embed audiobooks into wellbeing programmes, while promoting their benefits for mental health, cognitive stimulation, and companionship. These efforts aim to enhance quality of life, independence, and emotional wellbeing among older members. 5. Improving the Llves of Younger People Supporting children and young people is critical to long-term impact. Calibre Audio will broaden its children's and young adult audiobook catalogue. including content aligned with educational curricula. Partnerships with schools, SEND services, and families will increase awareness and uptake, while the development of engaging, age-appropriate user experiences and digital platforms will enhance accessibility, The organisation will also advocate for inclusive reading solutions within education systems, helping to support literacy, confidence. and educational achievement among young people. Across all five priorities, Calibre Audio's strategy is centred on growth, visibility, sustainabllity, and impact. By expandirsg its reach while enhancing the quality and accessibility of its services, the organi5ation is well positioned to transform more live5 through accessible reading over the coming years. The Trustees are confldent in the future direction of the organisation, having been fully engaged in the development and sign-off of its strategic approach. There is strong support at Board level for the continued diversification of Calibre Audio's servlces, recognislng rhls as an important step in strengthening resilience, broadenlng impact, and ensurlng the charlty remains responsive to the evolving needs of its members. Structure. Governance and Management Members of the Board of Trustees are also directors of the Charity for the purposes of the Companies Act and trustees for the purposes of law. This report also represents the Directors, 13 report as required by $417 of the Companies Act 2006. The company has taken advantage of exemptions available to small companies under Part 15 of the Companie5 Act 2006 in preparation of this report. The Charity is a company limited by guarantee. It was incorporated on 22 February 1983 and the last amendments to the Memorandum and Articles of Association were on 1 st August 2023. All potential trustees are offered a day visit to Calibre Audio to find out about our seNice first hand and be Introduced to the Executive Management Team. Following the recruitment process, and once confirmed as a trustee, theywill undertake the induction process. This includes pairing with an experienced Trustee who will act as mentor to assist with the first few months in their role. In annual review5. Trustees will be asked if they require anyfurther training to enhance their ability to act as a Trustee for the charity. None of the Trustees has any beneficial interest in the company, nor receives any remuneration. The Trustees have as5e5sed the major risks to which the Charity is exposed, those related to the operations and finances of the Charity and are satisfied that systems are in place that offer reasonable mitigation of the major risks. Trustee indemnity insurance is included in our insurance policies and has been in place throughout the year. The Charity's Trustees give of their time freely. None received remuneration in the year. Details of Trustees, expenses are disclosed in note 10 to the accounts. There are 5 key management personnel, including the Chief Executive who are responsible for strategy development, plannlng, directing, and controlling the activities of the Charity. The remuneration of the key personnel Is reviewed annually and normally increased by considerlng the Consumer Price Index (CPI) and the Retail Prlce Index (RPI). Changes to senior staff responsibilities are also considered when reviewlng remuneratlon. 14 Conflicts of Interest A5 part of our governance process, Trustees and key senior staff are required at the end of our accountlng year to confirm whether they or any close member of their family has any business interests in any company. where an expenditure more than £2,000 is incurred, which may result in a conflict of interest. Risk management The Trustees have a risk management strategy which comprises: A quarterly review of the principal risks and uncertainties that the Charity faces the establishment of policies, systems, and procedures to mitigate or remove Those risks identified in the annual review; and The implementation of procedures designed to minimise or manage any potential impact on the Charity should those ri5k5 materialise. Calibre Audio operates with a clear governance and management framework. The Board of Trustees provldes overall oversight and is responsible for managing and supporting the Chief Executive Officer (CEO). In turn, the CEO leads the Executive Management Team {EMTI, ensuring effective day-to-day management and delivery of the organlsatSon's strategy. A defined scheme of delegation underpins this structure, enabling efficient decision-making whlle maintainlng appropriate oversight. Once the annual budget is agreed by Trustees, financial decisions are managed wlthln this framework, wlth the CEO holding delegated authority for delivering the agreed budget and any additional expenditure items up to £10,000 per item. Any decisions or commitments that fall outside the agreed business plan or budget are referred back to the Board of Trustees for approval. ensuring strong governance and accountability, Fundraising statement Calibre Audio is registered with the Fundraising Regulator. Registration means that Calibre has undertaken to abide bythe terms and conditions of registration, the Fundraising Regulator's "Fundraising Promise" and the Code of Fundraising Practice" Calibre Audio has never carried out any of the intrusive fundraising practices that have been reported in the media as causing annoyance and distress to many. such as fundraising by telephone or door to door. We have never employed third party fundraisers nor engaged with commercial participants, bought. or sold lists of personal data or mailing lists from any source. 15 During the period, we did engage with Lime Green Consultants for some support with Trust Fundraising capacity. We are pleased to report that registration with the Fundraislng Regulator has not involved us in making any significant changes to our activities. We have always tried to be open and honest in all our fundraising and never to apply undue pressure when requesting support from our members. Fundraising activities are undertaken by employees and volunteers, Fundraising communications to individuals are limited to known supporters or members of the service. The frequency of communication is also monitored internally. Such communication is normally by direct personally addressed mail with clear communication of the opportunity to opt out of future mailings. We received no formal complaints during the period. Calibre Audlo is registered in England and Wales as well as Scotland. Registered with FR FUNDRAISING REGULATOR Reference and Administrative Details Calibre Audio is a charity registered In England and Wales12866141 and Scotland (SC0514611. Calibre Audlo Is a150 a company limited by guarantee in England and Wales {01701585). Calibre Audio Is reglstered at the following principal address: New Road, Weston Turvllle, Aylesbury. Buckinghamshlre, HP22 5XQ. During the reporting period, the trustees of Callbre Audio were Howard Nead (Chair). David Stephen5 (Hon Treasurer. Resignedjuly 2025),John Godber. Robert Aldous, Fraser Hutchinson. Rebecca Gonyora (Resigned September 20251. Miles Stevens-Hoare, Jack Rigg (Resigned May 2025), Dagmara Rochowski and Kyriaki Achillea. 16 The Board of Trustees currently {atApril 20261 consists of eight members who meet at least quarterly to administer the Charity. The Board of Trustees appoint a Chief Executive, Anthony Kemp (also Company Secretary), to manage day-to-day operations. The Trustees, with guidance from the Chief Executlve, are responsible forthe process of succession planning to ensure that the Board of Trustees is always composed of members with the requisite experience and skills necessary to contribute to the life of the Board and with the interests of Calibre Audio always in mind. Potential trustees must demonstrate howthey meet the crlterla whlch detail their suitability for membership of the Board. The accountants used during the period were Dux Advisory Limited, Kennel Club House, Gatehouse Way, Aylesbury. HP19 8DB. The Auditors are Goldwins LTD. 75 Maygrove Road, West Hampstead, London, NW6 2EG. The banks are CAF Bank LTD, 25 King5 Hill Avenue. Kings Hill, West Malling, Kent, ME19 4JQ and Metro Bank PLC, One Southampton Row, London. WCI B SHA Investment servlces are provided by Interactive Investor Services LTD, 201 Deansgate, Manchester, M3 3NW, Unlted Kingdom The solicitors used during the period were Foot Anstey LLP, Salt Quay House, 4 North East Quay, Sutton Harbour. Plymouth, Devon, PL4 OBN Sustainability The organisation is commltted to reducing it5 reliance on fossil fuels and to achieving net zero carbon emissions by 2050. Operatlons are currently based within an older building, which presents certain constraints in accessing green energy tariffs. Notwithstandlng these limitations, energy contracts are kept under artive review. As part of the planned supplier renegotiations in 2026, priority will be given to more sustainable, lower-carbon energy options wherever feasible. Practical measures are being implemented to minimise environmental impact. The transition to a digital-first service model will significantly reduced reliance on postal and logistics se￿ices, 17 thereby lowering fuel consumption and associated emissions arising from the distribution of physical audiobooks on USB devices. 18 Independent Auditors. Report to the Trustees of Calibre Audio Opinion We have audited the financial statements of Calibre Audio Ithe'charitable company) for the year ended 31 March 2026 which comprise the Statement of Financial Activities, the Balance Sheet. Statement of Cash Flows and 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 Reportlng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pratticel. In our opinion, the financial statements: give a true and fairview of the stste of the charitable companls affairs as at 31 March 2026 and of its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. have been prepared In accordance with the requirements of the Companies Att 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responslbllltles under those standards are further descrlbed in the Auditorfs 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 sufflclent and approprlate to provlde a basis for our opinion. Conclusions relatlng to going concern In auditingthe 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 thaL 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 financial statements are authorised for issue. 19 Our responsibilities and the responsibilities of the directors with respett to going concern are described in the relevant sections of this report. Other informatlon 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 auditorfs report thereon. Our opinion on the financlal 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 statement5 or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mlsstatements, we are required to determine whether there is a material misstatement in the flnanclal statements or a material misstatement 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 nothlng to report in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken In the course of the audit: the information given in the trustees, report, which includes the dlrectors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. 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 materlal mlsstatements In the Trustees, Annual Report. 20 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.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us,. the financial statements are not in agreement with the accounting records and returns; certain disclosures of trustees. remuneration specified by law are not made,. or we have not obtained all the information and explanations necessary for the purposes of our audit. Responsibilities of the trustees A5 explained more fully in the trustees, responsibilities statement, the trustees 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 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 companys abilityto continue as a going concern, disclosing, as applicable, matters related togoing concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responslbllltles for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are free from material misstatement, wherher due to fraud or error, and to Issue an auditorfs 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 {UKI 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 basls of these financial statements. 21 Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detert material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following.. We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charitable company's policies and procedures relating to: Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulatlons. We inspected the mlnutes of meetings of those charged with governance. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. In addresslng the risk of fraud through management override of controls, we tested the appropriateness of journal entrles and other adjustments, assessed whether the judgements made in maklng accountlng estlmates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of buslness. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-comp5iance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealmenL forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor's report. 22 Use of our report This report is made solely to the charitable companys 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 charitable companys members those matters we are required to state to them in an auditofs 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 charitable companls members as a body, for our audit worl for this report, or for the opinions we have formed. Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwin5 Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG 23 BREAUDIO 5TATEMENTC*FIPiINCI•LACTIVmfSFQftThFVF•AEItyE03tMAA¢W* UnFe#rl¢Md R¢Xikt*l Tp T• For P4CCMEFROM 16E35É 678 571 *191 ChlAE4bl*kts￿tI qa73 55,432 971.711 1.1ai•2 tKPENoinJREOI4 I￿ngFUnd 171,417 25l113 1.125445 1.19*.n9 1.14>796 ThulEWdftuT• 1.>JlU6Z 1.3ll.146 Nitq*nsllLoii*¥onlnWKrnnl P31.OW) Vil.6¥ 7&40 1475571 1475570 Tot41 122a.3 Fw4nityS&rffln•nrdad￿*S￿YI￿ft￿ 1ot2025SEtibtlE27. CALIBREAUDIO STATEMEPff OFFII4VIcIPLACII￿15F0R T￿EyE0￿MIDJ1￿￿I￿CN1ll1$ CHARNYMJMbEkllfj614 Dds 171 Fund5 91972 24 Z22a,th Z231A69 1311h2 2Y7.113 11&799 442A15 7Y,141 Tqf41KY*J5•1Jl Mwth1016 I4K513 1611. 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