Radio Academy(The) - Charities report - 18.1

REGISTERED COMPANY NUMBER: 01978864 (England and Wales)

REGISTERED CHARITY NUMBER: 293825

FOR

RADIO ACADEMY(THE)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Reference and Administrative Details

1 to 2

Report of the Trustees

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Statement of Financial Position

6 to 7

Notes to the Financial Statements

8 to 12

RADIO ACADEMY(THE)

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 DECEMBER 2017

TRUSTEES

S Bailey (Editor, BBC)

J B Baish (Journalist) (resigned 31.12.17)

Ms C M Burns (Group Manager BBC Audio & Music) (resigned 11.4.18)

Mrs C C Byk (Freelance Radio Producer)

J R Dash (Media Business Owner)

Ms A J Gold (Strategy Manager) (resigned 31.7.17)

A S Moorey (Content Director) (resigned 31.7.17)

S A A Nazerali (Advertising) (resigned 31.7.17)

Ms J E Ostler (MD) (resigned 31.7.17)

M J Payton (Director Of External Affairs Radiocentre)

J Usborne (Student)

S D Parkinson (Managing Director Bauer Media) (resigned 11.4.18)

J M H Arendt (Commercial Director) (appointed 11.4.18)

Miss S N Hirst (Broadcaster) (appointed 11.4.18)

A Hussain (Head of Prison Radio) (appointed 11.4.18)

Miss A Tayal (Producer) (appointed 11.4.18)

D M Morris (Talkradio Programme Director) (appointed 11.4.18)

T Ogungbesan (BBC Head of Diversity and Inclusion) (appointed 11.4.18)

S J Taylor (Creative Commercial Director Bauer Media) (appointed 11.4.18)

Ms Y V Thompson (Business Owner) (appointed 11.4.18)

COMPANY SECRETARY

Ms C M Burns

REGISTERED OFFICE

C/O Garbutt + Elliott Llp

33 Park Place

Leeds

Yorkshire

LS1 2RY

REGISTERED COMPANY NUMBER

01978864 (England and Wales)

REGISTERED CHARITY NUMBER

293825

INDEPENDENT EXAMINER

Cox Costello & Horne

Chartered Accountants

Josephs Well Suite 2C

Westgate

Leeds

LS3 1AB

SOLICITORS

Lewis Silkin LLP

5 Chancery Lane

Clifford's Inn

London

EC4A 1BL

BANKERS

SG Hambros Bank Limited

SG House, 41 Tower Hill

London

EC3N 4SG

Barclays Bank PLC

Soho Square Business Banking

27 Soho Square

W1D 3QR

RADIO ACADEMY(THE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2017

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 December 2017. 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 2015).

This is the report of the Company's Directors, who are also Trustees. The Charity was founded and

incorporated as a Company limited by guarantee in 1986 and is governed by its Memorandum and

Articles of Association.

Its registered number under the Company's Act 2006 is 01978864. The Company is a registered charity

(charity number 293825).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company,

limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Approved by order of the board of trustees on 10 September 2018 and signed on its behalf by:

Ms Y V Thompson - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

RADIO ACADEMY(THE)

Independent examiner's report to the trustees of Radio Academy(The) ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended  

31 December 2017.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you 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 as 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 examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of  

ICAEW 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:

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 accounting 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

Pervez Zak Iqbal ACA FCCA

ICAEW

Cox Costello & Horne

Chartered Accountants

Josephs Well Suite 2C

Westgate

Leeds

LS3 1AB

10 September 2018

RADIO ACADEMY(THE)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2017

31.12.17

31.12.16

Unrestricted

fund

Restricted

fund

Total

funds

Total

funds

Notes

£   

£   

£   

£   

INCOME AND ENDOWMENTS FROM

Donations and legacies

100

-

100

-

Charitable activities

Radio Academy

481,628

-

481,628

141,387

Other income

-

-

-

6,710

Total

481,728

-

481,728

148,097

EXPENDITURE ON

Raising funds

1,873

-

1,873

6,248

Charitable activities

Radio Academy

485,719

-

485,719

138,380

Total

487,592

-

487,592

144,628

NET INCOME/(EXPENDITURE)

(5,864

)

-

(5,864

)

3,469

RECONCILIATION OF FUNDS

Total funds brought forward

65,165

14,669

79,834

76,365

TOTAL FUNDS CARRIED FORWARD

59,301

14,669

73,970

79,834

RADIO ACADEMY(THE)

STATEMENT OF FINANCIAL POSITION

AT 31 DECEMBER 2017

31.12.17

31.12.16

Unrestricted

fund

Restricted

fund

Total

funds

Total

funds

Notes

£   

£   

£   

£   

FIXED ASSETS

Tangible assets

5

2,508

-

2,508

3,261

Investments

6

5,000

-

5,000

5,000

7,508

-

7,508

8,261

CURRENT ASSETS

Debtors

7

83,336

-

83,336

56,853

Cash at bank

1,360

14,669

16,029

44,680

84,696

14,669

99,365

101,533

CREDITORS

Amounts falling due within one year

8

(32,903

)

-

(32,903

)

(29,960

)

NET CURRENT ASSETS

51,793

14,669

66,462

71,573

TOTAL ASSETS LESS CURRENT

LIABILITIES

59,301

14,669

73,970

79,834

NET ASSETS

59,301

14,669

73,970

79,834

FUNDS

9

Unrestricted funds

59,301

65,165

Restricted funds

14,669

14,669

TOTAL FUNDS

73,970

79,834

The financial statements were approved by the Board of Trustees on 10 September 2018 and were signed on its behalf by:

Ms Y V Thompson -Trustee

RADIO ACADEMY(THE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

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 2015)', 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 with the exception of

investments which are included at market value.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and

Republic of Ireland':

-

the requirements of Section 7 Statement of Cash Flows;

-

the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);

-

the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c),

11.41(e), 11.41(f), 11.42, 11.44,11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and

11.48(c);

-

the requirements of Section 12 Other Financial Instruments paragraphs 12.26, 12.27,

12.29(a), 12.29(b) and 12.29A;

-

the requirement of Section 33 Related Party Disclosure paragraph 33.7.

Income

Income from grants, patrons and members is accounted for on a receivable basis. Income from

charitable activities is shown gross with the associated costs included in direct charitable costs.

Income from subscriptions is shown net of value added tax.

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

Fixtures and fittings

- 20% on cost

Taxation

Fund accounting

Hire purchase and leasing commitments

2.

NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.17

31.12.16

£   

£   

Auditors' remuneration

-

5,000

Depreciation - owned assets

753

615

Other operating leases

2,594

1,484

3.

TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2017 nor

the year ended 31 December 2016 other than noted in the related parties note.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2017  nor for the year

ended 31 December 2016 other than noted in the related parties note.

4.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

Restricted

fund

Total

funds

£   

£   

£   

INCOME AND ENDOWMENTS FROM

Charitable activities

Radio Academy

141,387

-

141,387

Other income

6,710

-

6,710

Total

148,097

-

148,097

EXPENDITURE ON

Raising funds

6,248

-

6,248

Charitable activities

Radio Academy

138,380

-

138,380

Total

144,628

-

144,628

NET INCOME/(EXPENDITURE)

3,469

-

3,469

RECONCILIATION OF FUNDS

Total funds brought forward

61,696

14,669

76,365

TOTAL FUNDS CARRIED FORWARD

65,165

14,669

79,834

5.

TANGIBLE FIXED ASSETS

Fixtures

and fittings

£   

COST

At 1 January 2017 and 31 December 2017

3,763

DEPRECIATION

At 1 January 2017

502

Charge for year

753

At 31 December 2017

1,255

NET BOOK VALUE

At 31 December 2017

2,508

At 31 December 2016

3,261

6.

FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£   

MARKET VALUE

At 1 January 2017 and 31 December 2017

5,000

NET BOOK VALUE

At 31 December 2017

5,000

At 31 December 2016

5,000

There were no investment assets outside the UK.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£   

£   

Trade debtors

52,081

4,401

Amounts owed by group undertakings

27,132

42,969

Other debtors

-

65

VAT

-

2,890

Prepayments and accrued income

4,123

6,528

83,336

56,853

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£   

£   

Trade creditors