I have produced annual report designs for several organizations, many over multiple years.
I favour simple design that makes room for images to sing and copy to speak for itself.
After years of not including many lower level donors in our annual report mailings due to the cost of mailing a large document, I designed a Gratitude Report – a summary shorter than an annual report, but with all the basic info, tailored to the interest of donors. The response rate of the mailing was strong, with many donors renewing annual gifts despite no hard ask.