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2024-03-31-accounts

Company no. 02732325 Charity no. 1041335

Rural Media Charity Report and Audited Financial Statements 31 March 2024

Rural Media Charity

Reference and administrative details

Reference and administrative details Reference and administrative details
For the year ended 31 March 2024
Company number 02732325
Charity number 1041335
Registered office and Packers House
operational address 25 West Street
Hereford
HR4 0BX
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
John Bateman resigned 26 October 2023
Jane Daggers
Joanna Davidson
Anne Dawson resigned 1 January 2024
Beverley Gibbs resigned 26 October 2023
Matthew Hayes
Martin Hitchin
David Holdsworth
Chief executive officer Nic Millington
Company secretary Julie Colman
Key management Nic Millington, CEO
personnel Grant Black, Creative Director & Deputy CEO
Rich Matthews, Head of Development
Julie Colman, Head of Production
Richard Deane, Finance Director (resigned August 2023, continued limited
financial duties until December 2023)
Bankers Barclays Bank Plc
1 - 3 Broad Street
Hereford
HR4 9BA
Solicitors Harrison Clark Rickerbys
5 Deansway
Worcester
Worcestershire
WR1 2JG
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2024

The trustees present their report and financial statements for the year ended 31 March 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

Rural Media Charity’s mission statement is:

To use media and creativity as a catalyst for social impact and positive change for individuals, communities, organisations, cultures and society.

To deliver our mission we have identified five strategic priorities:

1. Champion underrepresented people & communities

Rural Media Charity works with individuals of all ages and communities experiencing social, geographic, and material deprivation, with multiple and/or complex needs. Underrepresented communities we have provided participatory training, production opportunities, support, work experience, information and advice for include: young people experiencing domestic and relationship abuse; people with physical and learning disabilities; those in or at risk of entering the justice system; LGBTQ+; people experiencing mental health challenges; those in poverty or unemployed; people facing ethnic discrimination; elderly people both living independently and in residential settings; individuals and families experiencing geographical isolation and loneliness. See for example our work with Gypsy, Roma, and Travellers:

ruralmedia.co.uk/projects/travellers-times.

2. Develop media skills & talent

New talent and diverse voices are at the heart of everything we do. Recent years have seen our talent development work increasingly take centre stage, whether working with school children through to giving new creative talent progression routes into the creative industries. This mirrors the launch of the Government’s Industrial Strategy Creative Industries Sector Deal 2018 with an emphasis on training and employment, the BFI’s five-year strategy with its emphasis on ‘Future Learning and Skills’, and a natural extension of our cultural work for ACE across the West Midlands. We aim to expand our support for talented young people, professional artists, and arts organisations, to push the boundaries between digital arts and creative practice, giving access to inspirational industry professionals, digital facilities, creative spaces, training, and employment opportunities. See ruralmedia.co.uk/bfi.

3. Celebrate place & heritage

Rural Media Charity will continue its emphasis on place-based work with key stakeholders including Local Authority MLA services, National Lottery Heritage Fund, Historic England, and National Trust, and, vitally, with communities to strengthen a sense of belonging and pride, share histories and memories, and celebrate what makes a place special. We will inspire and encourage communities locally, regionally and nationally to develop creative enterprises that breathe new life into the culture, places and spaces where they live. More diverse and younger residents will be included in arts, heritage, and cultural activity. Through the creation and distribution of high-quality digital content, improved use and understanding of data, communities will retain younger generations, create employment and creative workspaces, and attract more visitors, increasing sustainability across sectors. See

ruralmedia.co.uk/projects/herefordshires-great-place.

2

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2024

4. Raise awareness of rural issues & culture

Having worked closely with rural communities, service providers and policymakers for over 30 years Rural Media Charity is highly regarded and trusted for its knowledge and insight into rural culture. With 17% of England’s residents living in the countryside yet so much of rural life misunderstood and/or misrepresented, raising awareness of issues facing rural communities is a key priority for Rural Media Charity. Rural Media Charity plays an active role in ACE Rural Stakeholders’ Group and development of ACE 2020-30 Strategy, Let’s Create, and other national policy forums, e.g. Rural Services Network (RSN), BBC Rural Affairs Committee etc. As we become a digital-first society with widening choice of where to live, work or study, the interdependence of rural and urban culture, economy and wellbeing is increasingly recognised. Rural Media Charity contributes creatively and critically to this major policy discourse. See ruralmedia.co.uk/POV.

5. Support arts & cultural organisations

Arts & culture act as R&D for the creative industries, encouraging experimentation and in turn driving innovation and commercial activity. Meanwhile, creative industries are increasingly recognised as potential drivers of economic growth in rural areas. Rural Media Charity advocates powerfully for cultural organisations and creative businesses to be recognised strategically as contributors to the economic and social wellbeing of rural counties.

Our in-depth local knowledge and understanding of rural communities feed into our own creative programming along with our role in local, regional, and national economic and cultural policy development. To sustain and grow this work, we continue to seek new partnerships and attract cross-sector investment for strategic revenue and capital projects. Our support for cultural enterprise development, especially within the creative technology sector contributes significantly towards regeneration of rural cities and market towns. See Rural Media Charity’s leadership role with Herefordshire Cultural Partnership:

the-shire.co.uk/stories/new-report-looks-boost-herefordshires-creative-economy.

Public benefit

The trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the charity’s aims and objectives. Rural Media Charity provides public benefit through its work with communities, schools and colleges, groups, and individuals to create issue-driven films, heritage and digital arts projects that raise awareness, influence change, and celebrate rural life. The charity’s work with young people is designed to foster confidence and equip them with the flexible skillset to work in today's creative digital industries. The charity’s education programme for young people includes the provision of nationally accredited courses, and its work with marginalised communities is internationally recognised. The charity publishes Travellers’ Times, a bi-annual print magazine and daily website travellerstimes.org.uk to support Gypsies and Travellers to tell their stories, educate people and advocate for their communities.

Achievements and performance

Rural Media Charity’s considerable outputs and outcomes were achieved throughout 2023-24 in no small way thanks to the financial and advisory support of Arts Council England, The National Lottery Community Fund and a range of local and national trusts and foundations.

3

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2024

During 2023-24 Rural Media Charity engaged more than 2,000 people through our inclusive outreach programme and project portfolio many of whom were from diverse or disadvantaged backgrounds: 17% of ethnic minority heritage, 11% disabled, 49% female and 51% male. We also worked specifically with deaf on-screen talent, people from Gypsy, Roma and Traveller communities, and those identifying as neurodivergent. Approximately 50% of those we worked with came from rural and sparsely populated areas.

We produced high-quality media resource training, increasing the skills of young talent in the Midlands. We were grateful for continued core support from The Elmley Foundation which enables us to use film, media and digital art to strengthen communities and give a platform to unheard voices, deliver much needed bespoke and accessible health & wellbeing advice and information directly to communities in crisis and support creative rural talent.

Our multi-faceted projects have given ongoing training and support for organisational development, leadership and media skills to Gypsy, Roma and Traveller communities nationally, expanded our community outreach across the most underserved areas of Herefordshire, and strengthened creative networks and supported young talent right across the Midlands region. In doing so we created an award-winning portfolio of innovative creative media including films, moving image, animation, audio, educational resources, health and wellbeing resources, photography collections, websites and printed media.

We worked directly with more than 600 people from a range of diverse backgrounds, across 30 projects and productions. Through our broadcast and digital channels, we estimate our audience reach to be more than 2 million over the course of the year.

Project highlights were:

British Film Institute (BFI)

In the tenth year of BFI Film academy, Rural Media Charity trained 22 young people in filmmaking. Participants received a bespoke training schedule, notably producing practical workshops for handson experience. Delivered in a hybrid format, the 2023-24 cohort devised, scripted and produced two creative short films. Participants also had the opportunity to gain an industry recognised NCFE qualification in Preparing to Work in The Film Industry. See ruralmedia.co.uk/bfi . In 2024/25 Rural Media will become the West Midlands BFI Academy provider overseeing four separate academies across the West Midlands.

Rural Studios

Rural Media Charity’s commercial trading arm Rural Studios ruralstudios.co.uk, delivered series one of our BBC Arts commissioned series The Read – Iconic novels brought to life on screen with creative performance readings from outstanding talent. They were broadcast on BBC Four and BBC Two Wales and we have been commissioned for a third series in 2024-25.

From television and radio for national broadcasters to online social impact media films for charities and public sector services Rural Studios sets out to change perspectives through film and audio and inspire future talent through innovative storytelling and powerful visuals. Rural Studios is proactively developing exciting and challenging pitches for TV commissioners, along with working closely with service providers in the health, justice, education, and visitor economy sectors.

4

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2024

ArtFlicks

ArtFlicks is our major Arts Council National Portfolio Organisation activity. It is a youth-led project helping young people make & share creative content celebrating their own arts practise and building new audiences for their work. To watch the ArtFlicks content, search @Artflicks on TikTok or visit tiktok.com/@Artflicks

P.O.V

Supported by Esmée Fairbairn Foundation (EFF) through core funding, the P.O.V. programme has engaged 1,122 individuals (Dec '23-June '24) and 1,036 of them were aged under 25:

The numbers are impressive, but more importantly young people are being given new opportunities to be creative, have creative and cultural experiences, gain confidence, skills and feel heard. The POV Producers’ group in particular has a lovely vibe, and some of those YP have told us the reason they come along to sessions is for the friendship/creative social / wellbeing side of it.

The POV website has been refreshed: pointofviewrural.com.

The Producers, facilitated by Toni Cooke, is a creative group for rural young people aged 14-21:

Travellers’ Times - TT Vision

Funded by the National Lottery Community Fund, TT Vision builds on the work of the last 20 years as Travellers’ Times continues to improve lives through challenging negative media and amplifying Gypsy, Roma and Traveller voices. In 2023-24 we produced two full-page magazines, and the website hosted over 150 co-produced news and feature articles and videos information on a huge range of subjects about the things that are important to Gypsy, Roma, and Traveller people.

Our main focus has been working with community members to deliver the final year of a paid training programme to transition Travellers’ Times into an independent community led entity through workbased training and continuing professional development. The two cohorts of 15 trainees worked with us between September 2023 and March 2024 to continue developing their organisational development, media, leadership skills, as well as focusing on their own individual professional practise. Delivered through a blended learning approach including residentials, location based, online, one to one’s and group work. See travellerstimes.org.uk/tt-vision

5

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2024

Financial review

The consolidated financial statements for the year to 31 March 2024 are for Rural Media Charity and its wholly-owned trading subsidiary, Rural Studios Ltd. The financial statements have been prepared according to the requirements of the Statement of Recommended Practice – Accounting by Charities (effective from January 2019) and have been prepared on the basis of funds accounting, rather than on an income and expenditure basis.

For the year to 31 March 2024 total income was £2,325,060 (2023: £1,290,192) of which unrestricted income was £885,364 (2023: £692,307). The deficit on unrestricted funds was £75,766 (2023: surplus of £7,555). Rural Studios Ltd contributed £33,374 (2023: £25,258) to unrestricted funds. Rural Studios Ltd donates all its profits to Rural Media Charity under a deed of covenant.

At 31 March 2024, £14,613 and £941,491 (2023: £2,470 and £31,371) were transferred, from the unrestricted general fund and restricted funds respectively, to the designated fixed asset funds, representing the value of fixed asset additions and the purchase of Packers House in the year. This resulted in closing balances of £128,899 restricted funds (2023: £147,727), £981,667 designated funds (2023: £56,233) and £86,461 unrestricted general funds (2023: £146,170).

The trustees recognise the importance of maintaining a realistic level of reserves in order to ensure that Rural Media Charity continues to be in a position to discharge its obligations to its beneficiaries, partners, creditors and staff. The reserves policy is reviewed annually by trustees to take into account risk and sustainability of the organisation.

At 31 March 2024 the trustees maintained the reserves target such that unrestricted general funds, excluding designated funds, are required to provide at least 4 months’ cover of core costs (being establishment and staff expenditure not attributable to project activity). The unrestricted general funds are to be held in the form of cash at bank in a specially designated bank deposit account. At 31 March 2024 the charity's unrestricted general fund target was £120,000 (4 months’ core cost cover) and the actual unrestricted general fund was £86,461 (2.9 month’s cover), all of which was held on bank deposit account at the year-end, falling slightly short of the target.

The trustees have considered the major risks to which the charity is exposed and have implemented review systems to mitigate these risks.

The major risks are currently identified as:

To mitigate these risks the charity:

6

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2024

Going concern

The trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved for the following reasons:

The trustees, therefore, consider it appropriate to adopt the going concern basis for the preparation of the accounts, as detailed in note 1(c) to the financial statements.

Plans for future periods

In November 2022 ACE confirmed that Rural Media Charity would retain its NPO status for a further three years to 31 March 2026, plus an additional year 2026-27. With NPO status comes secured unrestricted funding to develop Rural Media Charity’s digital arts portfolio. NPO status is the foundation upon which Rural Media Charity builds a secure and sustainable financial position. As part of its business plan, Rural Media Charity’s trading subsidiary, Rural Studios Ltd, will grow its income and surplus. Rural Media’s proposal to develop a Digital Culture Hub (DCH) was included in Hereford’s Stronger Towns Fund plan. The DCH (now rebranded ‘Story-Point’) will contribute to “levelling up” by creating a beacon of innovation and enterprise for Herefordshire and the rural West Midlands where creativity meets technology. It will aggregate in a single, fully accessible, contemporary space the creative technologies, tools, and expertise to inspire and raise the skill levels of creative and cultural entrepreneurs, SMEs, students, public, private and VCSE sectors in the county, enabling them to take advantage of the booming, post-Covid-19 digital economy. Rural Media Charity’s successful application for £1.2m together with a mortgage provided by The Charity Bank will enable the Rural Media Charity to purchase its current base at Packers House and refurbish and equip the new centre.

Employees

At Rural Media Charity we rely heavily on the excellence of our staff to help achieve and maintain the highest standards of our creative outputs. We support our staff through regular performance reviews and through training and development programmes that are tailored to the individual.

Structure, governance and management

Rural Media Charity is a charitable company limited by guarantee, incorporated on 17 July 1992 and registered as a charity on 7 October 1994. The organisation is constituted under a Memorandum of Association which sets out the objects and powers of the charitable organisation and is governed under the Articles of Association. Rural Media Charity wholly owns a subsidiary company, Rural Studios Ltd that commenced trading on 13 May 2016.

The directors are also its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The organisation does not have a membership and the voluntary Board of Trustees is responsible for the overall management of the charity. The trustees have power to set an upper limit to the number of trustees appointed to the Board, currently there is no upper limit. There must be a minimum of three trustees for the Board to be quorate. The trustees meet in full on a quarterly basis.

7

Rural Media Charity

Report of the Trustees

For the year ended 31 March 2024

The selection and recruitment of new trustees is the responsibility of the full Board, who appoint by invitation of the Board. New trustees are proactively recruited to meet any skills gaps as identified by trustees. All new trustees are invited to attend one full Board meeting, and activities associated to that meeting, before being formally nominated.

Each new trustee receives an induction pack prior to nomination setting out their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, and minutes which capture the recent financial performance of the charity. Regular Board development sessions are held and each session following appointment of new trustees incorporates induction and orientation information for the newly appointed trustees. The Board itself are exploring further training and support for Trustees run by organisations such NCVO.

The day-to-day running of the organisation is carried out by a Senior Management Team (SMT) members of which are appointed by the trustees. The SMT comprises: Chief Executive Officer, Creative Director & Deputy CEO, Head of Production, Head of Development and Finance & Operations Director. To facilitate effective operations, the Chief Executive Officer and the SMT have delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and programme related activity. Members of the SMT are not directors of the charitable company in the legal sense under Company Law.

The charity adopts the NJC pay structure and pay scales for all its staff, including key management personnel. NJC scales are local government pay scales that are a result of negotiations between trade unions (Unite, Unison and GMB) and the Local Government Association. NJC pay scales are used extensively in the voluntary sector.

Fundraising

The charity does not seek to raise funds from the public and therefore has nothing to report on its fundraising approach and standards.

Statement of responsibilities of the Trustees

The Trustees (who are also Directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year. In preparing those financial statements the Trustees are required to:

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Rural Media Charity

Report of the Trustees

For the year ended 31 March 2024

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the group and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the group and parent charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 17 October 2024 and signed on their behalf by

David Holdsworth

David Holdsworth - Chair

9

Independent auditors' report

To the members of

Rural Media Charity

Opinion

We have audited the financial statements of Rural Media Charity (the 'parent charity') and its subsidiary (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, consolidated and parent charity balance sheets, consolidated statement of cash flows and the related 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 Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity 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 the provisions available for small entities, in the circumstances set out in note 7 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the 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 that, individually or collectively, may cast significant doubt on the group and parent charity'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.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial 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.

10

Independent auditors' report

To the members of

Rural Media Charity

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 statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial 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 nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charity and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. 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:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, 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 group and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

11

Independent auditors' report

To the members of

Rural Media Charity

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 (UK) 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 basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Reviewing related party transactions; and

▪Testing transactions that are unusual or outside the normal course of business.

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-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

12

Independent auditors' report

To the members of

Rural Media Charity

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.

Use of our report

This report is made solely to the charityʼs 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 charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

William Guy Blake

Date: 18 October 2024

William Guy Blake ACA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

13

Rural Media Charity

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2024

Restricted
Note
£
£
Income from:
Donations
3
1,023,628
350,054
Charitable activities
4
416,068
524,448
Investments
-
10,862
Other income
-
-
Total income
1,439,696
885,364
Expenditure on:
Raising funds
-
38,884
Charitable activities
517,033
922,246
Total expenditure
6
517,033
961,130
Net income / (expenditure)
922,663
(75,766)
Transfers between funds
(941,491)
941,491
Net movement in funds
7
(18,828)
865,725
Reconciliation of funds:
Total funds brought forward
147,727
202,403
Total funds carried forward
128,899
1,068,128
Unrestricted		 2024
Total
£
1,373,682
940,516
10,862
-
2,325,060
38,884
1,439,279
1,478,163
846,897
-
846,897
350,130
1,197,027		 2023
Total
£
536,752
752,531
210
699
1,290,192
58,184
1,140,147
1,198,331
91,861
-
91,861
258,269
350,130

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 18 to the accounts.

14

Rural Media Charity

Consolidated balance sheets

As at 31 March 2024

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
13
Cash at bank and in hand
Liabilities
14
Net current assets
Total assets less current liabilities
15
Net assets
17
Funds
18
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds
Creditors: amounts falling due after more
than 1 year
Creditors: amounts falling due within 1 year		 The group
2024
£
686,588
540,073
1,226,661
183,203
190,427
373,630
(162,579)
211,051
1,437,712
(240,685)
1,197,027
128,899
981,667
86,461
1,197,027		 The group The charity
2023
2024
£
£
56,233
686,588
-
540,075
56,233
1,226,663
97,403
197,615
333,209
95,301
430,612
292,916
(120,498)
(92,824)
310,114
200,092
366,347
1,426,755
(16,217)
(229,728)
350,130
1,197,027
147,727
128,899
56,233
981,667
146,170
86,461
350,130
1,197,027		 The charity
2023
£
56,233
2
56,235
64,337
277,305
341,642
(47,747)
293,895
350,130
-
350,130
147,727
56,233
146,170
350,130

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the Trustees on 17 October 2024 and signed on their behalf by

David Holdsworth

David Holdsworth - Chair

15

Rural Media Charity

Consolidated statement of cash flows

For the year ended 31 March 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Profit on disposal of tangible fixed assets
Interest and rents from investments
Interest payable
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Interest and rents from investments
Purchase of tangible fixed assets
Purchase of investment property
Proceeds from the sale of tangible fixed assets
Net cash provided used in investing activities
Cash flows from financing activities:
Repayment of borrowings
Cash inflows from new borrowings
Net cash provided used in financing activities
(Decrease) / increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£
846,897
30,670
-
(10,862)
9,098
(85,800)
26,815
816,818
10,862
(661,025)
(540,073)
-
(1,190,236)
(19,364)
250,000
230,636
(142,782)
333,209
190,427		 2023
£
91,861
23,288
(699)
(210)
-
104,050
(98,617)
119,673
210
(35,376)
-
1,818
(33,348)
(4,821)
-
(4,821)
81,504
251,705
333,209

Analysis of changes in net debt

Cash
Loans falling due within 1 year
Loans falling due after 1 year
Total		 £
£
333,209
(142,782)
(5,259)
10,266
(16,217)
-
311,733
(132,516)
Cash flows
At 1 April
2023		 £
-
(5,007)
(244,993)
(250,000)
New loans		 £
£
-
190,427
(20,525)
(20,525)
20,525
(240,685)
-
(70,783)
At 31 March
2024
Non-cash
movements		 £
£
-
190,427
(20,525)
(20,525)
20,525
(240,685)
-
(70,783)
At 31 March
2024
Non-cash
movements
(70,783)

16

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies

a) Basis of preparation and general information

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Rural Media Charity 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.

Rural Media Charity is a charitable company limited by guarantee, incorporated on 17 July 1992 and registered as a charity on 7 October 1994. The organisation is constituted under a Memorandum of Association which sets out the objects and powers of the charitable organisation and is governed under the Articles of Association. Rural Media Charity wholly owns a subsidiary company, Rural Studios Ltd that commenced trading on 13 May 2016.

The charitable company's registered office is Packers House, 25 West Street, Hereford, HR4 0BX.

b) Group accounts

These financial statements consolidate the results of the charitable company and its whollyowned (controlled) subsidiary on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern. At the year-end the group holds unrestricted general reserves of £86,461 and cash balances of £190,427. The charity’s key funders have confirmed that they will continue to support the charity for at least the next 12 months. The charity benefits from holding National Portfolio Organisation (NPO) status with Arts Council England (ACE). In January 2024 ACE confirmed that Rural Media Charity would retain its NPO status with unrestricted NPO annual funding maintained at £251,036 for a further three years to 31 March 2027. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

17

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

d) Income (continued)

Income received in advance of provision of services under contract is deferred until criteria for income recognition are met.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to expenditure on charitable activities which is deemed to be reflective of the activities of the charity in this period.

i) Tangible fixed assets

Tangible fixed assets Tangible fixed assets
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated
residual value over its expected useful life. The depreciation rates in use are as follows:
Motor vehicles 25% straight line
Technical equipment 25% straight line
Fixtures and fittings 25% straight line
Land and buildings 3.33% straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

18

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

j) Investment in subsidiary undertakings

The charitable company has one wholly owned subsidiary, Rural Studios Ltd, (registered company number 03751216). The subsidiary is used for non-primary purpose trading activities. The subsidiary undertaking is valued at cost less any cumulative impairment losses in the charitable company's accounts.

k) Investment property

Investment property is property (land or a building, or both) held by the owner to earn rentals or for capital appreciation or both.

Investment property is initially measured at cost, including transaction costs. Investment property is subsequently measured at fair value at the reporting date. This method of valuation applies to all the charitable company’s investment properties.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors

Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

p) Pension costs

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions.

19

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

q) Redundancy payments

Where an employee receives a termination benefit the full cost is recognised at the date the employee is notified.

r) Accounting estimates and key judgements

In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements are depreciation and valuation of investment property, as described below and in note 1(i and k, respectively) to the financial statements.

Depreciation on land

The trustees do not consider the land element of the building to be readily separable from the tangible fixed asset or investment property, and therefore it is depreciated along with the tangible fixed asset. The trustees are satisfied that the impact of this is immaterial on the net book value of the asset.

20

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

2. Prior period comparatives: statement of financial activities

Income from:
Donations
Charitable activities
Investments
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income and net movement in funds
Transfers between funds
Net movement in funds
3.
Income from donations
Grants
Arts Council England
Elmley
Esmee Fairbairn Foundation
Herefordshire Council
Lankelly Chase
HCP
Shropshire Youth Forum
Total income from donations		 Restricted
£
£
180,923
355,829
416,962
335,569
-
210
-
699
597,885
692,307
-
58,184
513,579
626,568
513,579
684,752
84,306
7,555
(31,371)
31,371
52,935
38,926
Restricted
£
£
11,500
251,036
12,000
-
-
82,667
992,628
-
-
1,875
-
14,476
7,500
-
1,023,628
350,054
Unrestricted
Unrestricted		 2023
Total
£
536,752
752,531
210
699
1,290,192
58,184
1,140,147
1,198,331
91,861
-
91,861
2024
Total
£
262,536
12,000
82,667
992,628
1,875
14,476
7,500
1,373,682

21

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

For the year ended 31 March 2024
3.
Income from donations (continued)
Prior period comparative:
Donations
Individual donations
Grants
Arts Council England
Elmley
Esmee Fairbairn Foundation
Herefordshire Community Foundation
Herefordshire Council
Lankelly Chase
HCP
Creative UK
Total income from donations
4.
Income from charitable activities
Grants and service level agreements
National Lottery Community Fund
The British Film Institute
Earned income
Total income from charitable activities
Prior period comparative:
Grants and service level agreements
National Lottery Community Fund
The British Film Institute
University of Wolverhampton
The Clothworkers' Foundation
Earned income
Total income from charitable activities		 Restricted
£
£
65
10
103,500
251,036
12,000
-
-
72,908
20,500
-
44,858
-
-
21,875
-
5,000
-
5,000
180,923
355,829
Restricted
£
£
396,068
-
20,000
-
-
524,448
416,068
524,448
Restricted
£
£
359,962
-
17,000
-
-
7,500
40,000
-
-
328,069
416,962
335,569
Unrestricted
Unrestricted
Unrestricted		 2023
Total
£
75
354,536
12,000
72,908
20,500
44,858
21,875
5,000
5,000
536,752
2024
Total
£
396,068
20,000
524,448
940,516
2023
Total
£
359,962
17,000
7,500
40,000
328,069
752,531

22

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

5. Government grants

6. Total expenditure

Staff costs (note 8)
Training
Production costs
Travel and subsistence
Equipment hire
Rent, rates and premises
Insurance
Heat, light and power
Motor expenses
Printing and stationery
Telephone and computer
Memberships and subscriptions
Marketing
Bank charges and interest
Depreciation
Professional fees
Sub-total
Total expenditure
Allocation of support and governance
costs		 £
38,884
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
38,884
-
38,884
Raising
funds		 £
£
631,898
36,364
4,969
-
557,611
-
5,875
-
824
-
47,953
-
12,082
-
23,302
-
2,946
-
2,641
-
25,213
-
20,120
-
4,269
-
9,503
-
30,670
-
1,500
21,539
1,381,376
57,903
57,903
(57,903)
1,439,279
-
Support and
governance
costs
Charitable
activities		 2024
Total
£
707,146
4,969
557,611
5,875
824
47,953
12,082
23,302
2,946
2,641
25,213
20,120
4,269
9,503
30,670
23,039
1,478,163
-
1,478,163

Total governance costs were £11,810 (2023: £9,551).

23

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

6.
Total expenditure (continued)
Prior period comparative
Staff costs (note 8)
Training
Production costs
Travel and subsistence
Equipment hire
Rent, rates and premises
Insurance
Heat, light and power
Motor expenses
Printing and stationery
Telephone and computer
Memberships and subscriptions
Marketing
Bank charges and interest
Depreciation
Professional fees
Sub-total
Total expenditure
Allocation of support and governance
costs		 £
58,184
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
58,184
-
58,184
Raising
funds		 £
£
578,975
15,405
4,809
-
364,704
-
5,417
-
4,252
-
34,571
-
10,094
251
9,967
-
3,810
-
4,567
-
23,129
-
22,274
-
6,763
-
891
-
23,288
-
9,065
17,915
1,106,576
33,571
33,571
(33,571)
1,140,147
-
Charitable
activities
Support and
governance
costs		 2023
Total
£
652,564
4,809
364,704
5,417
4,252
34,571
10,345
9,967
3,810
4,567
23,129
22,274
6,763
891
23,288
26,980
1,198,331
-
1,198,331

24

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

7. Net movement in funds

This is stated after charging:

Net movement in funds
This is stated after charging:
2024 2023
£ £
Depreciation 30,670 23,288
Operating lease payments 33,234 22,637
Trustees' remuneration Nil Nil
Trustees' reimbursed expenses Nil Nil
Auditors' remuneration (excluding VAT):
Statutory audit 9,800 8,650
Other services 350 700

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements and to prepare and submit returns to the tax authorities.

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2024
£
639,235
54,493
13,418
707,146		 2023
£
586,852
53,479
12,233
652,564

Two employees earned between £60,000 and £70,000 during the year (2023: two).

During the year statutory redundancy costs for one employee totalled £1,546 (2023: £nil).

The key management personnel of the charitable company comprise the Trustees, the Chief Executive Officer, the Creative Director & Deputy CEO, the Head of Development, Head of Production and the Finance & Operations Director. The total employee benefits of the key management personnel were £294,508 (2023: £321,015).

Average number of employees (headcount)
Average number of employees (full-time equivalent)		 2024
No.
23.1
17.5		 2023
No.
19.6
15.5

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. Any taxable profits arising in the trading subsidiary are distributed to the parent charity via gift aid distribution.

25

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

10.
Tangible fixed assets
The charity and group
Freehold
land and
buildings
£
Cost
At 1 April 2023
-
Additions
651,267
At 31 March 2024
651,267
Depreciation
At 1 April 2023
-
Charge for year
7,000
At 31 March 2024
7,000
Net book value
At 31 March 2024
644,267
At 31 March 2023
-
11.
Investments
Investment property
Rural Studios Limited
Market value at 31 March 2024
Investment property
Market value at the start of the year
Additions
Market value at 31 March 2024		 Motor
vehicles
Total
£
£
£
£
27,270
233,803
5,215
266,288
-
9,758
-
661,025
27,270
243,561
5,215
927,313
27,270
177,570
5,215
210,055
-
23,670
-
30,670
27,270
201,240
5,215
240,725
-
42,321
-
686,588
-
56,233
-
56,233
2024
2023
2024
2023
£
£
£
£
540,073
-
540,073
-
-
-
2
2
540,073
-
540,075
2
-
-
-
-
540,073
-
540,073
-
540,073
-
540,073
-
Fixtures and
fittings
The group
The charity
Technical
equipment		 Total
£
266,288
661,025
927,313
210,055
30,670
240,725
686,588
56,233
2
-
-
-

Investment property - Packers House

During the year the charitable company purchased the building which it had been renting in order to secure a home for the ongoing Digital Cultural Hubs project. The building is a mixed use investment property, with 45% of the cost recognised as an investment property and held at fair value. The remaining 55% was transferred to tangible fixed assets and is depreciated over the expected useful life of 30 years. The tangible fixed asset portion represents the floorspace occupied by Rural Media for operational usage.

26

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

11. Investments (continued)

The trustees are satisfied that the price paid when purchasing the building on 15 November 2023 constitutes the fair value as at 31 March 2024.

Rural Studios Ltd

The charitable company owns the whole of the issued share capital (2 ordinary £1 shares) of Rural Studios Ltd (formerly Rural Media Productions Ltd), a company registered in England and Wales. The subsidiary is used for larger productions which still meet the charitable purposes of Rural Media Charity. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charitable company. A summary of the results of the subsidiary is shown below:

2024
£
Turnover
493,116
Cost of sales
(442,381)
Gross profit
50,735
Administrative expenses
(17,361)
Other operating income
-
Profit on ordinary activities
33,374
The aggregate of the assets, liabilities and funds was:
2024
£
Assets
202,540
Liabilities
(202,538)
Funds
2
Parent charity
The parent charity's gross income and the results for the year are disclosed as follows:
2024
£
Gross income
1,919,881
Results for the year
846,897		 2023
£
259,528
(207,503)
52,025
(31,767)
5,000
25,258
2023
£
130,067
(130,065)
2
2023
£
1,066,642
91,860

12. Parent charity

27

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

13. Debtors

Trade debtors
Accrued income
Rural Studios Ltd
Prepayments		 2024
2023
£
£
111,934
73,223
45,451
13,600
-
-
25,818
10,580
183,203
97,403
The group		 2024
2023
£
£
18,387
1,500
45,451
13,600
121,825
41,097
11,952
8,140
197,615
64,337
The charity

14. Creditors : amounts due within 1 year

Trade creditors
Other taxation and social security
VAT
Accruals
Deferred income (see note 16)
Other creditors
Loans
Creditors : amounts due after 1 year
Loans
Analysis of debt maturity
Debt due after more than one year:
repayable between one and five years
repayable in five years or more		 2024
2023
£
£
54,321
17,766
15,114
15,003
29,204
23,820
26,165
25,450
15,250
33,200
2,000
-
20,525
5,259
162,579
120,498
2024
2023
£
£
240,685
16,217
91,262
16,217
149,423
-
240,685
16,217
The group
The group		 2024
2023
£
£
28,387
10,911
15,115
15,003
2,141
-
22,415
21,833
7,500
-
2,000
-
15,266
-
92,824
47,747
2024
2023
£
£
229,728
-
80,305
-
149,423
-
229,728
-
The charity
The charity		 2024
2023
£
£
28,387
10,911
15,115
15,003
2,141
-
22,415
21,833
7,500
-
2,000
-
15,266
-
92,824
47,747
2024
2023
£
£
229,728
-
80,305
-
149,423
-
229,728
-
The charity
The charity
-
-
-

15. Creditors : amounts due after 1 year

The group secured a Government backed Business Interruption Payment - Bounce Back Loan via Barclays Bank in a bid to secure future low interest loans should the organisation require additional cashflow. The loan was secured at 2.5% interest.

The group also secured a mortgage to partially fund the purchase of Packers House. The loan was secured at 5.5% above the Bank of England base rate. The full value of the liability is held within the Packers House designated fund.

28

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

16. Deferred income

Deferred income
At 1 April 2023
Deferred during the year
Released during the year
At 31 March 2024		 2024
2023
£
£
33,200
104,125
15,250
33,200
(33,200)
(104,125)
15,250
33,200
The group		 2024
2023
£
£
-
40,500
7,500
-
-
(40,500)
7,500
-
The charity
-

Deferred income relates to income received in advance of delivery of services.

17. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Investments
Current assets
Current liabilities
Non current liabilities
Net assets at 31 March 2024
Prior year comparative
Tangible fixed assets
Current assets
Current liabilities
Non current liabilities
Net assets at 31 March 2023		 £
-
-
128,899
-
-
128,899
£
-
147,727
-
-
147,727
Restricted
funds
Restricted
funds		 Designated
funds
£
686,588
540,073
-
(15,266)
(229,728)
981,667
Designated
funds
£
56,233
-
-
-
56,233		 General
funds
£
-
-
244,731
(147,313)
(10,957)
86,461
General
funds
£
-
282,885
(120,498)
(16,217)
146,170		 Total
funds
£
686,588
540,073
373,630
(162,579)
(240,685)
1,197,027
Total
funds
£
56,233
430,612
(120,498)
(16,217)
350,130

29

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

18. Movements in funds

Movements in funds
Restricted funds
British Film Institute - Film Academy
Digital Culture Hub
Elmley Foundation
Rural Voices, Collective Power
BookFlicks
Clothworkers
Herefordshire in frame
Razom (Ukrainian Project)
Shropshire Project
Total restricted funds
Designated funds
Packers House
Fixed asset fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
National Lottery Community Fund -
TT Vision		 At 1 April
2023
£
-
-
-
121,082
8,711
9,305
8,629
-
-
-
147,727
-
56,233
56,233
146,170
202,403
350,130		 Income
£
20,000
932,862
12,000
396,068
-
11,500
-
6,924
52,842
7,500
1,439,696
-
-
-
885,364
885,364
2,325,060		 £
(20,000)
-
(12,000)
(395,751)
(8,711)
(20,805)
-
(6,924)
(52,842)
-
(517,033)
(7,000)
(23,670)
(30,670)
(930,460)
(961,130)
(1,478,163)
Expenditure		 £
£
-
-
(932,862)
-
-
-
-
121,399
-
-
-
-
(8,629)
-
-
-
-
-
-
7,500
(941,491)
128,899
946,346
939,346
9,758
42,321
956,104
981,667
(14,613)
86,461
941,491
1,068,128
-
1,197,027
Transfers
between
funds
At 31
March 2024
128,899
939,346
42,321
981,667
86,461
1,068,128
1,197,027

Purposes of restricted funds

British Film Institute - Film Academy

The annual BFI Film Academy provides an opportunity for young people aged 16-19 to access high quality film production training through a series of masterclasses and practical workshops and to gain an NCFE qualification.

Digital Culture Hub

In June 2021 Hereford Stronger Towns Partnership secured £22.4 million of Town Deal Funding from the Department for Levelling up, Housing and Communities (DLUHC) to deliver six capital projects which is anticipated will support the economic recovery and growth of Hereford. To support the development of the full business cases of these projects DLUHC has made available 5% of the total funding as Early Funding. Rural Media Charity was allocated up to £55,000 of Early Funding to be used in the development of the full business case for a capital project. During the year to 31 March 2024 RMC received a further £932,862 of capital funding toward the purchase price of Packers House and costs incurred during the purchase.

30

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

18. Movements in funds (continued) Purposes of restricted funds (continued) Elmley Foundation

Funding in support of a Development Producer post for three years to 2023-24.

TT Vision

A four year training and career development project funded by National Lottery Community Fund to empower the upcoming generation of Gypsy, Roma and Travellers to take on the running and development of Travellers’ Times as a sustainable 100% community-led project.

Rural Voices, Collective Power

Funded by Herefordshire Community Foundation, “Rural Voices, Collective Power” (RVCP) is a youth empowerment and skills project that elevates rural young people’s stories and channels them into youthled campaigns for local change and social impact. Young people will be supported to establish, launch and run place-based youth-led campaigns designed to bring about positive social change for communities across Teme Valley, Kington and Leominster.

BookFlicks

Funded by Arts Council England (ACE), BookFlicks offers young artists long-form broadcast work to sustainably drive career progression.

Clothworkers

The Clothworkers’ Foundation provided funding to purchase IT equipment to support disadvantaged young people nationally.

Herefordshire in frame

A series of creative development workshops for service providers, decision makers and other stakeholders.

Razom (Ukrainian Project)

A filmmaking project bringing together young people from Ukrainian and Herefordshire to build relationships, explore heritage and identity, improve wellbeing, and promote inclusivity and understanding.

Shropshire Project

A specific piece of work building on our Point of View project championing youth voice working with young people in Shropshire.

Purposes of designated funds

Packers House

This fund represents the value of Packers House, comprised of the fair value of the investment property, the net book value of the tangible fixed asset and the outstanding mortgage liability. Expenditure against the fund relates to depreciation.

Fixed assets fund

This fund represents the net book value of other fixed assets.

Purpose of transfers between funds

Transfers between funds represent the purchase of fixed assets and capital mortgage repayments made from unrestricted funds.

31

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

18. Movements in funds (continued) Prior year comparative

Restricted funds
British Film Institute - Film Academy
Cultural Recovery Fund - CRF1
Digital Culture Hub
Elmley Foundation
POV - Teme Valley
Rural Voices, Collective Power
BookFlicks
Clothworkers
Total restricted funds
Designated funds
Fixed asset fund
General funds
Total unrestricted funds
Total funds
Unrestricted funds
National Lottery Community Fund -
TT Vision		 At 1 April
2022
£
-
2,592
-
-
85,590
6,610
-
-
-
94,792
45,264
118,213
163,477
258,269		 Income
£
17,000
-
44,858
12,000
360,027
-
20,500
103,500
40,000
597,885
-
692,307
692,307
1,290,192		 £
(17,000)
(2,592)
(44,858)
(12,000)
(324,535)
(6,610)
(11,789)
(94,195)
-
(513,579)
(22,872)
(661,880)
(684,752)
(1,198,331)
Expenditure		 £
-
-
-
-
-
-
-
-
(31,371)
(31,371)
33,841
(2,470)
31,371
-
Transfers
between
funds		 At 31
March
2023
£
-
-
-
-
121,082
-
8,711
9,305
8,629
147,727
56,233
146,170
202,403
350,130

19. Related party transactions

Rural Studios Ltd is a wholly owned subsidiary of Rural Media Charity. During the year the company paid the following amounts to the charity:

Contribution to production costs, overheads and wages
Gift aid donation to parent		 2024
£
52,897
33,374
86,271		 2023
£
15,721
25,258
40,979

At 31 March 2024 the subsidiary company owed the parent charity £121,825 (2023: £41,097).

Matthew Hayes, a trustee of Rural Media Charity, is a partner at Harrison Clark Rickerbys Limited (HCR). During the year, HCR invoiced the charity £30,774 (2023: £6,556) for legal fees related to the purchase of Packers House . There were no outstanding balances at 31 March 2024 (2023: £nil).

32

Rural Media Charity

Notes to the financial statements

For the year ended 31 March 2024

19. Related party transactions (continued)

Nic Millington, Chief Executive Officer of Rural Media Charity, is a director of Herefordshire Cultural Partnership (HCP). During the year, Rural Media Charity recognised £14,467 of income from HCP (2023: £5,000). At 31 March 2024, the balance outstanding from HCP was £14,467 (2023: £nil).

There were no other related party transactions during the year.

33