Let's Read Ltd - Charities report - 22.2
Let's Read Ltd - Charities report - 22.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| FOR |
| LET'S READ LTD |
| LET'S READ LTD |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Page |
| Report of the Trustees | 1 | to | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 13 |
| LET'S READ LTD (REGISTERED NUMBER: 06732164) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
| The Report of the Trustees has been prepared in accordance with the small company regime (section 419(2) of the Companies Act 2006). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| To provide reading courses in schools for children with literacy ages significantly below their chronological age in their schools. |
| Public benefit |
| The trustees have complied with the duty in section 17(5) of the 2011 Charities Act and have regard to guidance published by the Charity Commission. |
| 1. The benefits generated are related to the objects of the charity. All activities undertaken are to further Let's Read Ltd charitable activities. |
| 2. The benefits generated by our activities are clearly identified. This report sets out our achievements and intentions for the coming year. |
| 3. The young people who receive our support are entitled to do so according to our Charitable Objectives. All of Let's Read's work is focussed on our target beneficiary group of children who are struggling to learn to read. |
| LET'S READ LTD (REGISTERED NUMBER: 06732164) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| Imagine a world where you cannot read! Our mission is to make every child in our community a successful reader and make a difference to their lives through literacy! |
| For Let's Read, the year 2021/22 continued to be disrupted by Covid-19, although to a lesser extent than the previous year. We managed to get into schools in July 2021 to do book presentations and from September things started to return to normal. Unfortunately, some weeks were missed in schools because of high levels of Covid infection amongst the pupils and in addition some of our tutors were also affected. |
| Reading Programme |
| Our Reading Tuition Programme provides targeted one-to-one remedial tuition on a weekly basis as part of the curriculum. The tuition teams comprise volunteers who are trained in phonics using Ruth Miskin's Read Write Inc scheme and methodology. The programme restarted in September at our usual four schools (Beaufort Primary, Brookwood Primary, St John's Primary and Westfield Primary) but with fewer tutors than in previous years. Two long-standing tutors had moved away from the area and others, because of their vulnerability to Covid, wished not to return. However, new volunteer tutors joined the two teams and in all eight more tutors were recruited. Owing to high levels of infection amongst pupils in two of the schools some weeks had to be missed. Our tutor numbers were also reduced due to tutors catching Covid. Consequently, we sought to optimise the use of tutors by concentrating on the weakest readers in year 2 at the schools and at most schools new children replaced those whose reading had improved sufficiently. 40 plus children benefited from the programmes during the Autumn and Spring terms - perhaps 20 less than pre-pandemic due to the reduced tutor numbers. |
| Book Gifting Programme |
| Our Book Gifting programme is based upon research that shows that owning books is a critical feature of every child's intellectual development, and that having just 20 books at home can boost a child's chances of doing well at school. In the year the programme returned, more or less, to normal and books were presented to children at 10 Woking primary schools at the end of the Summer, Autumn and Spring terms. In all about 1800 books were given out to some 1200 children. Unfortunately, due to Covid restrictions, it was not always possible for our representative to go into the schools to present the books. |
| We continue to contain our costs and minimise our book purchases during the year as we utilise stock. We are extremely grateful for donations specifically for books, in particular this year with very generous donations from two individuals. We are very conscious of a marked rise in book prices and in order to maintain our present levels of book donations we will need to seek additional funding and competitive book suppliers in the coming year. Special thanks go to our volunteers who so successfully run the programme, which is a big task each term, ensuring that each child receives a book of their choice. |
| Tutors |
| Although we lost a number of our wonderful tutors we were delighted that eight new volunteers have joined our charity. Sadly, sickness and Covid among our tutors has been a challenge during this year but we have managed to continue tutoring our young people due to the flexibility of our tutors. As Trustees, we are most grateful for the commitment and dedication in working with many challenging young people, teaching reading as well as other life skills and overcoming the behavioural problems often encountered among these young people. Without our tutors' contribution the Charity could not continue to deliver and make such a difference to young lives. All of our schools have expressed their huge appreciation and value highly the difference made to so many young people. |
| Donors and Supporters |
| We are truly grateful to all our donors who have continued to support us this year especially Woking Borough Council, who provide our office accommodation as well as other support, West Byfleet Golf Club, and a number of very generous private individuals. A big Thank You to all our volunteers, who give up many hours of their time every week to ensure our programmes continue to benefit the children with whom we engage. We can see the benefits and the schools can measure the benefits of our work, but there is still more to do to help children in Woking gain the best from their education through the power of reading literacy. |
| Brookwood Book Prizes |
| The presentation of Butler Prize book tokens at Brookwood Primary School to children whose reading had improved substantially during the term continued. These are much appreciated as an encouragement by both teachers and children at the school. |
| LET'S READ LTD (REGISTERED NUMBER: 06732164) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Trustee Meetings |
| During the period the trustees held meetings by Zoom on 15 Jun, 14 Sep and 14 Dec 2021 and a face-to-face strategy meeting on 15 Feb 2022. |
| The Year Ahead |
| As we look ahead, our priority is managing the departure from the charity of our CEO Mr Stephen Thomas who founded the charity and has been with it and its predecessor organisations for 22 years - a highly creditable performance for which the trustees are most grateful. In addition we need to apply ourselves to finding new sources of funding and to recruiting more tutors and a further trustee. |
| FINANCIAL REVIEW |
| Financial position |
| The results for the year show that the charity made a loss of £3,078 compared to a surplus of £1,596 in 2021. |
| Reserves policy |
| The directors have reviewed and agreed a reserves policy and have forecast the level of reserves required in order to sustain its operations. |
| The directors consider that the most appropriate level of reserves required is at least £15,000, this level will be subject to regular review. Whilst reserves of £15,000 are considered sufficient, it is the directors view that it is prudent to ensure sufficient reserves exist in order to provide flexibility for future years. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document the memorandum and articles of association as amended by special resolution on the 18th January 2018, and is a limited company, limited by the guarantee of its members. |
| In the event of winding up the liability of its members is limited to £1.00. |
| Recruitment and appointment of new trustees |
| Trustees are appointed to the Board for a three year term which is renewable after three years. |
| Trustees are recruited through a number of different means following a skills audit which helps to identify the skills and experience required at Board level, and to ensure that the Board is representative of the arenas in which we operate. At least one Board Member is also a volunteer reading tutor. |
| Each Trustee receives a full induction comprising of an information pack; a meeting with the Chairman and CEO plus introductions to other members of staff; and a visit to school to see our charity first hand delivering our charitable benefits to young people. |
| Organisational structure |
| The secretary (S Thomas) runs the day to day operations. To facilitate effective operations, the secretary has delegated authority, with terms of delegation approved by the trustees for operational matters. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| LET'S READ LTD (REGISTERED NUMBER: 06732164) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Trustees |
| Company Secretary |
| Bankers |
| CAF Bank Ltd |
| 25 Kings Hill Avenue |
| West Malling |
| Kent |
| ME19 4JQ |
| FINANCIAL REVIEW AND MANAGEMENT |
| The Trustees have the power to invest funds as they see fit. During the year under review all funds were invested within UK bank accounts, the Trustees have a cautious risk adverse approach to investments in order to protect the charities reserves. |
| Approved by order of the board of trustees on |
| LET'S READ LTD |
| STATEMENT OF FINANCIAL ACTIVITIES |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 31/3/22 | 31/3/21 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 57,966 |
| LET'S READ LTD (REGISTERED NUMBER: 06732164) |
| BALANCE SHEET |
| 31 MARCH 2022 |
| 31/3/22 | 31/3/21 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 | ( |
) | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 11 |
| Unrestricted funds | 39,943 |
| Restricted funds | 18,023 |
| TOTAL FUNDS | 57,966 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| LET'S READ LTD (REGISTERED NUMBER: 06732164) |
| BALANCE SHEET - continued |
| 31 MARCH 2022 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| LET'S READ LTD |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| LET'S READ LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2. | INVESTMENT INCOME |
| 31/3/22 | 31/3/21 |
| £ | £ |
| Deposit account interest |
| 3. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 31/3/22 | 31/3/21 |
| £ | £ |
| Depreciation - owned assets |
| Accountancy fees | 780 | 882 |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021. |
| 5. | STAFF COSTS |
| There were no staff costs for the year ended 31 March 2022 nor for the year ended 31 March 2021. |
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | fund | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 38,007 | 18,363 |
| TOTAL FUNDS CARRIED FORWARD | 39,943 | 18,023 | 57,966 |
| LET'S READ LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 7. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 April 2021 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2022 |
| DEPRECIATION |
| At 1 April 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| 8. | STOCKS |
| 31/3/22 | 31/3/21 |
| £ | £ |
| Stocks |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/22 | 31/3/21 |
| £ | £ |
| Accrued income |
| Prepayments |
| LET'S READ LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/22 | 31/3/21 |
| £ | £ |
| Accrued expenses |
| 11. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.4.21 | in funds | 31.3.22 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 39,943 | (3,078 | ) | 36,865 |
| Restricted funds |
| Book fund | 18,023 | - | 18,023 |
| TOTAL FUNDS | (3,078 | ) | 54,888 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 11,470 | (14,548 | ) | (3,078 | ) |
| TOTAL FUNDS | ( |
) | (3,078 | ) |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.4.20 | in funds | 31.3.21 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 38,007 | 1,936 | 39,943 |
| Restricted funds |
| Book fund | 18,363 | (340 | ) | 18,023 |
| TOTAL FUNDS | 56,370 | 1,596 | 57,966 |
| LET'S READ LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 11. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 16,225 | (14,289 | ) | 1,936 |
| Restricted funds |
| Book fund | 310 | (650 | ) | (340 | ) |
| TOTAL FUNDS | 16,535 | (14,939 | ) | 1,596 |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1.4.20 | in funds | 31.3.22 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 38,007 | (1,142 | ) | 36,865 |
| Restricted funds |
| Book fund | 18,363 | (340 | ) | 18,023 |
| TOTAL FUNDS | 56,370 | (1,482 | ) | 54,888 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 27,695 | (28,837 | ) | (1,142 | ) |
| Restricted funds |
| Book fund | 310 | (650 | ) | (340 | ) |
| TOTAL FUNDS | 28,005 | (29,487 | ) | (1,482 | ) |
| The book fund represents funds received specifically for the purchase of books, less expenditure made from this fund during the year. |
| LET'S READ LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 12. | RELATED PARTY DISCLOSURES |
| The charity paid £12,000 (2021- £12,000) to 1st Consultants Ltd, a company controlled by the secretary S Thomas, for administrative services. |