RADIO ACADEMY (THE),Ltd - AccountsChartiy- Accounts

RADIO ACADEMY (THE),Ltd - AccountsChartiy- Accounts

RADIO ACADEMY(THE) - Company Information

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2020-01-01 01978864 2020-12-31 01978864 2020-01-01 2020-12-31 01978864 uk-bus:Director1 2020-01-01 2020-12-31 01978864 uk-bus:Director1 2020-12-31 01978864 uk-bus:Director2 2020-01-01 2020-12-31 01978864 uk-bus:Director2 2020-12-31 01978864 uk-bus:Director3 2020-01-01 2020-12-31 01978864 uk-bus:Director3 2020-12-31 01978864 uk-bus:Director4 2020-01-01 2020-12-31 01978864 uk-bus:Director4 2020-12-31 01978864 uk-bus:Director5 2020-01-01 2020-12-31 01978864 uk-bus:Director5 2020-12-31 01978864 uk-bus:Director6 2020-01-01 2020-12-31 01978864 uk-bus:Director6 2020-12-31 01978864 uk-bus:Director7 2020-01-01 2020-12-31 01978864 uk-bus:Director7 2020-12-31 01978864 uk-bus:Director8 2020-01-01 2020-12-31 01978864 uk-bus:Director8 2020-12-31 01978864 uk-bus:Director9 2020-01-01 2020-12-31 01978864 uk-bus:Director9 2020-12-31 01978864 uk-bus:Director10 2020-01-01 2020-12-31 01978864 uk-bus:Director10 2020-12-31 01978864 uk-bus:Director11 2020-01-01 2020-12-31 01978864 uk-bus:Director11 2020-12-31 01978864 uk-bus:Director12 2020-01-01 2020-12-31 01978864 uk-bus:Director12 2020-12-31 01978864 uk-bus:Director13 2020-01-01 2020-12-31 01978864 uk-bus:Director13 2020-12-31 01978864 uk-bus:Director14 2020-01-01 2020-12-31 01978864 uk-bus:Director14 2020-12-31 01978864 uk-bus:Director15 2020-01-01 2020-12-31 01978864 uk-bus:Director15 2020-12-31 01978864 uk-bus:Director16 2020-01-01 2020-12-31 01978864 uk-bus:Director16 2020-12-31 01978864 uk-bus:Director17 2020-01-01 2020-12-31 01978864 uk-bus:Director17 2020-12-31 01978864 uk-bus:Director18 2020-01-01 2020-12-31 01978864 uk-bus:Director18 2020-12-31 01978864 uk-bus:Director19 2020-01-01 2020-12-31 01978864 uk-bus:Director19 2020-12-31 01978864 uk-bus:Director20 2020-01-01 2020-12-31 01978864 uk-bus:Director20 2020-12-31 01978864 uk-bus:Director21 2020-01-01 2020-12-31 01978864 uk-bus:Director21 2020-12-31 01978864 2019-12-31 01978864 2019-01-01 2019-12-31 01978864 uk-char:TotalRestrictedIncomeFunds 2020-01-01 2020-12-31 01978864 uk-char:TotalUnrestrictedFunds 2020-01-01 2020-12-31 01978864 uk-core:WithinOneYear 2020-12-31 01978864 uk-core:WithinOneYear 2019-12-31 01978864 uk-char:TotalRestrictedIncomeFunds 2020-12-31 01978864 uk-char:TotalRestrictedIncomeFunds 2019-12-31 01978864 uk-char:TotalUnrestrictedFunds 2020-12-31 01978864 uk-char:TotalUnrestrictedFunds 2019-12-31 01978864 uk-core:FurnitureFittingsToolsEquipment 2020-01-01 2020-12-31 01978864 uk-char:TotalUnrestrictedFunds uk-char:MaterialFund1 2020-01-01 2020-12-31 01978864 uk-char:TotalUnrestrictedFunds uk-char:MaterialFund1 2019-01-01 2019-12-31 01978864 uk-char:TotalUnrestrictedFunds 2019-01-01 2019-12-31 01978864 uk-char:MaterialFund1 2020-01-01 2020-12-31 01978864 uk-char:TotalRestrictedIncomeFunds uk-char:MaterialFund1 2020-01-01 2020-12-31 01978864 uk-char:TotalRestrictedIncomeFunds uk-char:MaterialFund1 2019-01-01 2019-12-31 01978864 uk-char:TotalRestrictedIncomeFunds 2019-01-01 2019-12-31 iso4217:GBP xbrli:pure 01978864 uk-bus:AuditExemptWithAccountantsReport 2020-01-01 2020-12-31 01978864 uk-bus:FRS102 2020-01-01 2020-12-31 01978864 uk-bus:FullAccounts 2020-01-01 2020-12-31
(England and Wales)
Company number: 01978864
Charity number: 293825
RADIO ACADEMY (THE)
For the year ended 31 December 2020
Report of the Trustees and Unaudited Financial Statements
2
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Contents Page
1 to 3
Report of the Trustees
4
Independent Examiner's Report to the Trustees
5
Statement of Financial Activities
6
Statement of Financial Position
7 to 11
Notes to the Financial Statements
3
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Report of the Trustees
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the
charitable company for the year ended 31 December 2020. 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The charity operates for the encouragement, recognition and promotion of excellence in all aspects of radio broadcasting and audio production in the UK, in order to maximise the potential of educational benefits this may bring.
Statement on public benefit
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
ACHIEVEMENTS AND PERFORMANCE
In March 2020 we held a hugely successful Audio & Radio Industry Awards at The London Palladium, with 900+ entries. For the remainder of the year, we worked to respond to the Coronavirus pandemic and its effects on the UK radio and audio sector, including adapting a number of our annual schemes to fit within government public health guidelines. We launched the Audio & Radio Emergency Fund to distribute small grants to freelance practitioners whose work stopped abruptly under pandemic restrictions. We converted the annual Radio Academy Festival from an in-person event scheduled for May to a virtual event held in November, attracting 600 registered delegates. We had record applications for our 30 Under 30 scheme, with successful recipients honoured online. We started work towards a virtual Women In Radio & Audio conference for March 2021, and a hybrid version of the Audio & Radio Industry Awards for May 2021.
FINANCIAL REVIEW
A total surplus of £38,951 has been reported in the year 31st December 2020 ( 2019 surplus £37,981). The review of the post year-end financial results of the charity indicates that sufficient level of subscription income has been received to enable the charity to meet obligations and to continue its activities. The Trustees are in discussion regarding the long term strategy and plans for the charity and as such there is currently no formal reserves policy.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Radio Academy is a charitable company. the charity was regidtered on 10th March 1896, charity number: 293825, and the company was
incorporated on 16 January 1986, number: 01975564. The charity is constituted as a company limited by guarantee, and is governed by its
Memorandum and Articles of Association on 16 January 1986 as amended by Special Resolutions dated 23 July 1991, 13 July 1992, 11 May 2006,5
July 2006 and 13 May 2009.
REFERENCE AND ADMINISTRATIVE INFORMATION
RADIO ACADEMY (THE)
Name of Charity
Charity registration number
293825
01978864
Company registration number
1 of 11
4
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Report of the Trustees Continued
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Kathryn Elizabeth Anastasi
Jonathan Michael Henry Arendt
Philipa Kate Aylott
Harriet Bloom
Dominic Peter Craven Chambers
Anthony Gay
Stephanie Nicola Hirst
Grace Elizabeth Hopper
William Reid Jackson
Naomi Oiku
Nicholas Mark Pitts
Victoria Louise Stewart
Helen Mariam Thomas
Adele Patricia Yolande
John Raymond Dash ( on 14/12/2020)
(: 14 December 2020)
Samuel Bailey ( on 05/03/2020)
(: 05 March 2020)
Ahmed Hussain ( on 26/02/2020)
(: 26 February 2020)
Dennie Paul Morris
Aradhna Tayal
Stephen John Taylor
Yvonne Veronica Thompson
WIM Consulting Limited
Independent examiners
Office Suite 1
12b High View Parade
Ilford Essex
England
IG4 5EP
SG Hambros Bank Limited
Bankers
SG House
41 Tower Hill
EC3N 4SG
Soho Square Business Bank
27 Soho Square
W1D 3QR
2 of 11
5
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Report of the Trustees Continued
Sheridans
Solicitors
76 Wardour Street
London
W1F 0UR
.............................................................................
Approved by the Board of Trustees and signed on its behalf by
23 August 2021
Helen Mariam Thomas
3 of 11
6
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Independent Examiners Report to the Trustees
I report to the trustees on my examination of the accounts of the Company for the year ended 31st December 2019.
Responsibilities and basis of report
As the charity Trustees, who are also directors for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiners statement
Since the charity's gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm
that I am qualified to undertake the examination by virtue of my membership of ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to
believe that in any material respect:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair
view' which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting
and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in
order to enable a proper understanding of the accounts to be reached.
WIM Consulting Limited
Naveed Ikhlaq FCCA
Office Suite 1
12b High View Parade
Ilford Essex
England
IG4 5EP
23 August 2021
4 of 11
7
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Statement of Financial Activities (including Income and Expenditure Account)
Notes
2019
2020
Restricted
funds
Unrestricted
funds
£
£
£
£
Income and endowments from:
Donations and legacies
340,218
212,122
78,074
262,144
Total
340,218
212,122
78,074
262,144
Expenditure on:
Raising funds
-
-
-
(780)
Charitable activities
(225,983)
(75,284)
(301,267)
(173,360)
2
Total
(301,267)
(174,140)
(75,284)
(225,983)
38,951
37,982
2,790
36,161
Net income
Reconciliation of funds
Total funds brought forward
(40,659)
(2,677)
14,669
(17,346)
Total funds carried forward
18,815
17,459
36,274
(2,677)
5 of 11
8
01978864
Registered Number :
As at 31 December 2020
RADIO ACADEMY (THE)
Statement of Financial Position
£
£
Notes
2020
2019
Fixed assets
Tangible assets
250
1,002
5
250
1,002
Current assets
124,044
81,762
6
Debtors
Cash at bank and in hand
34,124
20,328
158,168
102,090
Creditors: amounts falling due within one year
(122,144)
(105,769)
7
Net current assets
36,024
(3,679)
Total assets less current liabilities
36,274
(2,677)
Net assets
36,274
(2,677)
The funds of the charity
Restricted income funds
8
17,459
14,669
Unrestricted income funds
8
18,815
(17,346)
Total funds
36,274
(2,677)
For the year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
23 August 2021
Helen Mariam Thomas
6 of 11
9
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Notes to the Financial Statements
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Companies Act 2006. RADIO ACADEMY (THE) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Funds
Unrestricted finds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purpose within the objects of the charity. The puposes and uses of the restricted funds are set out in the notes to the financial statements.
Incoming resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
20% Straight line
Fixtures & Fittings
7 of 11
10
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Notes to the Financial Statements Continued
2. Costs of charitable activities by fund type
2019
2020
Restricted
funds
Unrestricted
funds
£
£
£
£
Direct cost
258,278
75,284
182,994
83,439
Tavel and subsistence
1,354
-
1,354
5,206
Legal and professional
3,000
-
3,000
45,080
Advertising and promotion
-
-
-
5,465
Depreciation
753
-
753
753
Storage costs
938
-
938
983
Grant funded cost
111
-
111
-
189,150
75,284
140,926
264,434
Support costs
Ticket sales and entry fees
Accountancy and legal fees
11,300
-
11,300
9,773
Consultancy fees
9,228
-
9,228
-
Subscriptions
2,019
-
2,019
-
Bank charges
1,970
-
1,970
4,030
Postage and stationery
27
-
27
56
Telephone and internet
190
-
190
319
Bad debt
-
-
-
14,683
Insurance
1,157
-
1,157
1,103
Computer expenses
505
-
505
1,639
Website hosting and maintenance
9,787
-
9,787
-
Entertainment
-
-
-
181
Governance costs
Independent Examiner's Fees
650
-
650
650
36,833
-
32,434
36,833
225,983
75,284
173,360
301,267
3. Staff costs and emoluments
2020
2019
0
Trustees
0
0
0
8 of 11
11
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Notes to the Financial Statements Continued
4. Comparative for the Statement of Financial Activities
The comparative year values on the Statement of Financial Activites are for unrestricted funds.
5. Tangible fixed assets
Fixtures &
Fittings
Cost or valuation
£
3,763
At 01 January 2020
At 31 December 2020
3,763
Depreciation
2,761
At 01 January 2020
Charge for year
753
3,513
At 31 December 2020
Net book values
At 31 December 2020
At 31 December 2019
250
1,002
6. Debtors
2020
2019
£
£
Amounts due within one year:
Trade debtors
98,518
7,885
Prepayments and accrued income
24,466
73,877
Other debtors
1,060
-
124,044
81,762
7. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
6,490
78,581
Other creditors
25,917
2,418
Accruals and deferred income
89,737
24,770
122,144
105,769
9 of 11
12
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Notes to the Financial Statements Continued
8. Movement in funds
Unrestricted Funds
Balance at
01/01/2020
Incoming
resources
Outgoing
resources
Balance at
31/12/2020
£
£
£
£
General
(17,346)
262,144
(225,983)
18,815
General
(17,346)
262,144
(225,983)
18,815
Unrestricted Funds - Previous year
Balance at
01/01/2019
Incoming
resources
Outgoing
resources
Balance at
31/12/2019
£
£
£
£
General
(55,328)
212,122
(174,140)
(17,346)
General
(55,328)
212,122
(174,140)
(17,346)
Purpose of unrestricted Funds
General
To maximise the potential of the talents.
Restricted Funds
Balance at
01/01/2020
Incoming
resources
Outgoing
resources
Balance at
31/12/2020
£
£
£
£
Benevolent Fund
17,459
14,669
78,074
(75,284)
14,669
78,074
(75,284)
17,459
Restricted Funds - Previous year
Balance at
01/01/2019
Incoming
resources
Outgoing
resources
Balance at
31/12/2019
£
£
£
£
Benevolent Fund
14,669
14,669
-
-
14,669
-
-
14,669
10 of 11
13
For the year ended 31 December 2020
RADIO ACADEMY (THE)
Notes to the Financial Statements Continued
Purpose of restricted funds
Benevolent Fund
This fund is reserved to assist and relieve the hardship and suffering of individuals in the radio/audio industry who find themselves in necessitous circumstances.
9. Analysis of net assets between funds
Tangible fixed
assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
Unrestricted funds
General
250
18,154
18,404
General
Restricted funds
-
17,870
17,870
Benevolent Fund
250
36,024
36,274
Previous year
Tangible fixed
assets
Net current
assets /
(liabilities)
Net Assets
£
£
£
Unrestricted funds
General
1,002
(17,897)
(16,895)
General
Restricted funds
-
14,218
14,218
Benevolent Fund
1,002
(3,679)
(2,677)
11 of 11