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2023-12-31-accounts

Charity Number 1069357 Company Number 03485699

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

Howsons (Audit & Assurance) Limited PO Box 165 Winton House Stoke Road Stoke on Trent ST4 2RW

1

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

CONTENTS
Page
Charity information 3
Trustees' annual report 4
Independent examiner’s report 10
Statement of financial activities 11
Balance sheet 12
Notes to the accounts 14

2

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

CHARITY INFORMATION

Governance

The organisation is a charitable company limited by guarantee, incorporated and registered as a charity on 24 December 1997.

The company was established under a Memorandum of Association. The serving trustees elect the trustees.

Trustees and Directors Mr M A Barker Mr J Bowles Mr R Andrews Mr C Cole Mr A Boyd Ms D A Mitchell

Christopher J Cole is the founder of the Cross Rhythms ministry, and Alan Barker function together in a shared role as Chairman of the Board

Chief Executive Officer Mr J Bellamy Company secretary Mr J Bowles Registered office Conway House Cheapside Hanley Stoke on Trent ST1 1HE Principal office Conway House Cheapside Hanley Stoke on Trent ST1 1HE Independent Examiner Howsons (Audit & Assurance) Limited PO Box 165 Winton House Stoke Road Stoke on Trent ST4 2RW

3

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ ANNUAL REPORT (INCORPORATING DIRECTORS’ ANNUAL REPORT)

The Board of Directors and Trustees present their annual report, together with the financial statements for the period ended 31 December 2023.

Principal activity for The trustees have referred to the guidance contained in the Charity the public benefit: Commission's general guidance on public benefit when reviewing the charity's aims and objectives, and in planning future objectives. Cross Rhythms continued its activities to promote the values of the Christian faith for the benefit of the public, particularly young people, through broadcast media and related initiatives of radio, internet, digital media and training. Radio Stations: The Cross Rhythms City Radio station continued broadcasting on 101.8FM and 96.6FM across Stoke-on-Trent and Newcastle-under-Lyme. The station is streamed on our website. Programmes are also syndicated to secular and Christian radio stations worldwide. We operate under the OFCOM (government agency for licensing of all communications granted) license. In addition we support current and explore future partnerships with groups in other cities keen to reproduce our FM Community Radio model. We continued developing our UK teenage focussed platform xRhythms, in its first year on DAB across Tyneside & South Shields. We also launched a second DAB xRhythms station in Stoke-on-Trent.

Digital Media: Our website continues to present the ministry and interact with a global audience. The site has editorial content that is both music and non-music focussed. We also run a variety of social media sites for the different aspects, using Facebook, Twitter, YouTube and Instagram. Video content:

We produce online video content for our social media pages. Also for our new xRhythms platform we produce Vlogs (video bloggers/contributors) and other video content for our Visual Radio programming.

Media Training We launched an accredited Media Training Centre in 2012. In 2023, Centre: although reduced in numbers from previous years, we continued to offer training in media and office skills for local students, or unemployed or retired volunteers, and local disadvantaged young people not in employment, education or training. In addition this centre also offers a pathway for aspiring young Christians from across the UK to follow a direction in Christian media.

Cross Rhythms is a member of the Community Media Association and also works with others with similar aims and objectives, including the Christian Broadcasting Council, other Christian broadcasters, local and national churches and ministries, and community leaders. We are still developing, where the opportunity arises, other associations and partnerships.

4

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ ANNUAL REPORT (INCORPORATING DIRECTORS’ ANNUAL REPORT)

Organisation:

The Board of Directors meets regularly, most months, and is responsible for the ultimate strategic decisions, having regard to advice from the Chief Executive and senior management. All meetings are held by Zoom, except one physical meeting, normally in June or November held at the CR HQ in Stoke-on-Trent.

In addition the CEO holds regular discussions for information and guidance and updates with the Chairman of the board and relevant information is distributed to the members as appropriate by electronic means on at least a monthly basis. A formatted monthly reporting structure has been adopted to keep all trustees updated.

Review of the year's activities

Radio Stations:

The local FM station continued to serve the local churches and Christian ministries through on air programming, and the wider community through engaging with police, health, education, business, charities, MPs, councillors, theatres etc. The local Sentinel Newspaper supplied us with daily local news. Outside broadcasts included the Civic Prayer Breakfast and Your Heroes Awards. We continued to offer the station online and on mobile through RadioPlayer.

This year we launched a newly renovated and repurposed live studio, purchasing new studio broadcast equipment and commissioning work for a new design and presentation including video cameras. The result was a sudden increase in impact and awareness. New partnerships and programmes have emerged too including to deliver a weekly Business Spotlight programme; to be the media partner at the city’s Your Heroes Awards; and a new Close Encounters show.

Our FM station in Stoke targets a 25-55 audience, in recognition that less teenagers use FM radio. Our dedicated Facebook and Twitter pages for the station continued to grow this year with our targeted social media content.

The collaboration with other groups in other cities continues to deliver Cross Rhythms in Plymouth. We also continue to help develop and support an online community radio station in the Middle East.

Our syndication of 10 unique weekly shows continues to about 50 stations worldwide.

Having launched in October 2019, our XRhythms media platform, aimed at UK teenagers, took another step forward this year with the launch of a second Small Scale DAB station in Stoke-on-Trent. This adds to the first station in Tyneside & South Shields. There is potential to roll out more of these on multiplexes across the country.

5

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ ANNUAL REPORT (INCORPORATING DIRECTORS’ ANNUAL REPORT)

xRhythms: Internet: Our website activity has continued throughout the year at around 200,000 unique users. However, with the retirement of two core members of the music editorial team, a reduced amount of content was published. The radio station is streamed online along with our Listen Again facilities. Our plan is a full repositioning of the main CR website when funds allow. Media Training We continue to offer training and work experience placements for Centre: unemployed youth, as well as university and college student interns. There has been a trickle of these in 2023. Similarly through young contributors to our xRhythms vision - bloggers and vloggers. This platform offers many opportunities to a whole new swathe of young people to be trained in video production/presenting, editing, interviewing, journalism and social media skills. A new partnership with an online media training college will contribute to this. The number of volunteers working with the charity this year was about 65. Conway House: Rental income for use of our premises is a key support to the charity. This year all usable space has been rented out to tenants or used as meeting room space for our Wheelhouse coworking facility. We continued to make reparations and decorations within the building as required. The rental income is included in the Statement of Financial Activities under Income from non-charitable trading activities. Marketing: Much of our marketing is through partnerships, being at events, contra deals and through our own media platforms eg the monthly Email Communicator, social media etc. We occasionally attend events to profile the work. General: We continued to campaign for more monthly partners (Friends) and donors, as well as numerous trust applications. Board membership: The Board continues to function well with trustees who have expertise in key areas and carry that as a specific area of responsibility in addition to their collective responsibility. In addition, we have a group of supportive consultants who support the organisation as unpaid volunteers. Trustee Recruitment Cross Rhythms selects known potential trustees to fulfil a specific role and Training: within the board to provide levels of expertise necessary for the oversight and guidance to comply with our role and responsibilities on behalf of the donors. To ensure that the potential trustee fully understands the role a pack of information is provided that directs them towards the Charity Commissions guidance for a well-run charity and guidance for a wellmanaged company. A probationary period is required to allow a time of becoming aware of the role and responsibilities and after a review the appointment is then considered.

6

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ ANNUAL REPORT (INCORPORATING DIRECTORS’ ANNUAL REPORT)

Financial review

The results for the year and the charity's financial position at the end of the year are shown in the attached accounts.

The performance of the charity over the year is a result of the actions taken as described in this report. The plans for the future include further consolidation of the position and eventual accumulation of reserves in accordance with the reserves policy as established by the trustees.

This year showed incoming resources of £208,753 (2022- £224,795). As with last year, we again turned in a surplus, of £6,706 (2022- £24,723).

Future developments

After 40 years (since 1983) Cross Rhythms has developed a strong basis of operation. We are recognised at a local, national and international level for the quality and uniqueness of what we do. We continue to attract new donors, supporters, partners and Trust support. We have three primary foci for further growth:

1) First, aimed particularly at UK Youth through our new online media strategy XRhythms, along with social media, YouTube and Media Training aspects; now with the additional vision of multiple DAB radio stations.

2) Second, to maximise on the improvements to our FM station coverage in Stoke, with improved content and programming.

3) Third, to engage more significantly in the business marketplace in Stoke-on-Trent through our coworking hub, The Wheelhouse.

We expect to develop and extend our collaborations with existing and new partnerships. The board have identified that earned income will grow to supplement gifted income.

We continue to carry a commitment to additional Cross Rhythms radio stations in UK cities and ongoing discussions with interested parties as they arise.

For the rear of 2024 to 2025 the trustees have launched a significant fundraising goal, to grow all that we do.

7

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ ANNUAL REPORT (INCORPORATING DIRECTORS’ ANNUAL REPORT)

Volunteer involvement

Cross Rhythms supplemented salaried staff with up to 65 volunteers and work experience students including reviewers and writers for the website. We also have a local FM radio board of reference made up of local church leaders, and an XRhythms Board of Reference.

Employee involvement

Cross Rhythms relies on the well-trained experienced commitment and hard work of 5 full or part time staff. Over many years we have retained a core team who are very motivated and increasingly mature to the vision of Cross Rhythms. Most would identify a key area of expertise, but all are responsible to serve the growing ministry when and where required. As a pioneering, but under-resourced ministry, Cross Rhythms relies on the support and commitment of quality volunteers. Weekly/Daily prayer/team meetings are held to build relationships, support and communicate between the departments. These meetings also help nurture the 'community' of a team with a vision of many components.

Risk policy

The trustees are considering the risks to which the charity is subject and continue to develop ways to mitigate the risks.

The major risk areas identified by the Trustees are as follows:

Reserves policy

It is the intention of the trustees to maintain reserves sufficient to cover 3 months of expenses. The trustees have continued to reduce costs and constantly seek ways of increasing income.

The trustees

The trustees who served the charity during the period were as follows:

Responsibilities of the trustees/directors

The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity at the end of the year and of the incoming

8

YEAR ENDED 31 DECEMBER2023 TRUSTEES. ANNUAL REPORT CORPORATTrIG DIRECTORS, ATr4NUAL REPOR reSoUr￿S and applicatlon of resources. induding in￿rne and expenditure. of the charity for that year. In preparirvJ those financial statements the trustees have: - se￿cted suit8ble accounting policies and then applied them 1X￿sIStenty. - obseNed the methods and principles in the charities SORP,. - made judgements arml estimates that a￿ reasonable and prudent, sLgted whether applicable UK accounting standards have been followed, subject to any matertal departure dÉsdosed and explained in the financial statements" and prepared the financtal statements on the going concern basis unl8ss it is inappropriate to presume the charity will continue in operation. The trustees have overall responsibility for ensurtThJ that the charity has appropriate systems of controls. financial and otherwise. They are also responsible for keeping proper accounting records which disdose with reasonable accuracy at any time the financial posttion of the chaiity and enable them to ensure that the financial statements wtll comply with The compan￿ Act 2006. They ar8 also responslble for safeguarding the assets of the tharity an¢J hence for taking reasonable steps for the P￿ventIon and detection of fraud and other irregularities. Trustees have cxjmplied wtth the duty in Section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission. The Directors are also responsible for the maintenance and integiity of the corporate and financial information included on the ¢ompanYs website. In so far as the trustees are aware there is no relevant information of which ￿ charivs Independ8nt ExaminGr is unaware and the trustees have taken all steps that they ought to have taken to make themselves aware of any reIavant infommtion and to establish that the Indep8ndent Examiner is aware of that infomiation. The report is prepared in accordance with the small company rgJime (section 419(2) of the Companies Act 2006). Audltor The charity's trustees consrder that an audit is not required for this year under section 144 of the Charities Act 2011 (Yhe Charities Acri and that an independent examination is needed. Registered office: Conway House Cheapside Hanley Stoke-on-Trent 8T1 IHE Signed by order of the trustees Mr M A Ba￿er Dire¢tor Approved by the trustees on

CROSS R￿￿fHMs COMPANY LIMITED BY GUARANTEE YEAR ENDED 31 DECEMBER 2023 li INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEESI MEMBERS OF CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE Independent examinerfs report to the trustees of Cross Rhythms. I report to the charity trustees on my examination of the accounts of the company for the year ended 31 De￿mber 2023, which are set out on pages 11 to 24. Responsibilitie8 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 accordan￿ with the requirements of the Companies Act 2006 ('the 2006 ACV). 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 Acf). 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 examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect.. the accounting records were not kept in accordance with section 130 of the Charities the accounts did not accord wtth the accounting records,. or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no COn￿rnS 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. James Parr (FCCA) Relevant Professional Body: ACCA Winton House Stoke Road Stoke-on-Trent ST4 2RW Date 10

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

Total Funds
Unrestricted
Restricted
2023
Note
£
£
£
Incoming resources from
generated funds
Voluntary income
2
81,643
34,469
116,112
Activities for generating
funds
Income from non-charitable
trading activities
3
62,571
0
62,571
Income from charitable trading
activities
4
30,070
0
30,070
92,641
0
92,641
Total incoming resources
174,284
34,469
208,753
Resources expended
Costs of generating funds
Costs of generating voluntary
income
5
5,587
0
5,587
Charitable activities
Costs in furtherance of
charitable objects
6
122,789
48,973
171,762
Governance costs
7
5,668
0
5,668
Other resources expended
Loan interest payable
8
19,030
0
19,030
Total resources expended
8
153,074
48,973
202,047
Net income/ (expenditure) for
the year
9
21,210
(14,504)
6,706
Net gain on investments
0
0
Transfers between funds
(767)
767
0
Other recognised gains and
losses
0
0
0
Net movement in funds relating
to the year
20,443
(13,737)
6,706
Balances brought forward
412,676
39,462
452,138
Balances carried forward
433,119
25,725
458,844		 Total Funds
2022
£
148,446
59,806
16,543
76,349
224,795
4,571
177,658
5,471
12,372
200,072
24,723
0
0
0
24,723
427,415
452,138

All of the activities of the charity are classed as continuing.

11

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

BALANCE SHEET

Total
Unrestricted
Restricted
2023
Note
£
£
£
Fixed assets
Intangible assets
10
3,968
10,916
14,884
Tangible assets
11
375,009
831
375,840
Investments
12
336,000
0
336,000
714,977
11,747
726,724
Current assets
Stock
0
0
0
Debtors
13
17,061
9,568
26,629
Cash at bank
0
4,410
4,410
17,061
13,978
31,039
Creditors: Amounts falling due
within one year
14
(60,917)
0
(60,917)
Net current liabilities
(43,856)
13,978
(29,878)
Total assets less current
liabilities
671,121
25,725
696,846
Creditors: Amounts falling due
after more than one year
15
(238,002)
0 (238,002)
Net assets
433,119
25,725
458,844
Funds
Restricted
16
0
25,725
25,725
Unrestricted
122,899
0
122,899
Revaluation reserve
310,220
0
310,220
Total funds
433,119
25,725
458,844		 Total
2022
£
17,512
360,654
336,000
714,166
0
14,405
20,003
34,408
(53,149)
(18,741)
695,425
(243,287)
452,138
39,462
102,456
310,220
452,138

12

CROSS RIIYIIIMS COMPAIYY LITrUTED BY GUARAJYTEE YEAR ENDED 31 DE￿MBER 2023 BALANCE SHEET The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accA)unting records and the preparation of accounts. These accounts have been prepared accordance with the provisions applicable to small cotnpanies subj'ect to the small companies regime and in accordance with the Charities SORP (FRS102). These accounts were approved by the members of the committ8& on ... are slgned on their b8half by: and Mr M A Barker Director Company Number 03485699 13

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

1 Accounting Policies

The charity is a public benefit entity.

Basis of accounting

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP FRS102), the Charities Act 2011 and the Companies Act 2006. The accounts have also been prepared in accordance with the Financial Reporting Standard 102.

The charity's functional and presentational currency is the pound sterling. Therefore these financial statements are presented in pounds sterling.

Cash flow statement

The trustees have taken advantage of the exemption in Financial Reporting Standard 102 from including a cash flow statement in the accounts on the grounds that the charity is small.

Fixed Assets

Fixed assets are recorded at cost or, in cases where fixed assets have been donated to Cross Rhythms, at estimated market value at the time of acquisition. The Charity’s policy is only to capitalise items with an individual or collective value (where it is a group of assets) exceeding £250.

Depreciation

Depreciation is calculated so as to write off the cost or value of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Equipment - 15% Reducing balance Improvements to property - 5% Straight line Website (Intangible asset) - 10% Straight line

Freehold property is not depreciated as any charge made would be offset by the effect of a revaluation. This is a departure from the Companies Act 2006 and the SORP (FRS102) which require depreciation to be applied to all assets (other than investment properties and heritage assets) which require the cost or valuation of an asset less residual value to be depreciated over the useful economic life. In the opinion of the trustees, this departure is necessary in order for the financial statements to give a true and fair view. Freehold property is not depreciated as the estimated residual value of the asset is not materially different from the carrying amount of the asset. An impairment review is undertaken annually.

The property was professionally revalued on 11 May 2020 and the valuation considered appropriate and adopted for these accounts. This property value has also been split between investment property and in use property. Had depreciation been applied to the property at, say, 2% (as is commonly applied to freehold property), a depreciation charge in the current year would have been £6,480 (2022 - £6,480).The effect on net assets would have been a reduction of £25,920 (2022 £19,440 due to the revaluation).

Investment Property

Investment Property is included at Market Value. An impairment review is undertaken annually and a professional valuation was conducted on 11 May 2020.

14

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

Website

A new xRhythms website is included under intangible assets. The costs have been capitalised as the new website is a key requirement for the future direction of the charity and a significant investment. The website is stated at cost less accumulated amortisation and accumulated impairment losses. The costs are amortised over 10 years on a straight line basis from when the new website is brought into use being 28 September 2019. The amortisation period is based on the expected useful life of the website and has taken into account continued use and maintenance of the website.

Where factors, such as technological advancement indicate that the useful life has changed, the useful life or amortisation rate are amended prospectively to reflect the new circumstances. The assets are reviewed for impairment if the factors indicate that the carrying amount may be impaired.

Stock

Stock is shown at the lower of cost and net realisable value.

Financial Instruments

Financial instruments classification

Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Financial Instruments recognition and measurement

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Financial Activities.

Impairment of financial assets

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the Statement of Financial Activities.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Income

Income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable assurance of receipt.

Grants are recognised once the resource is receivable by the charity and can be measured with reasonable reliability. Gifts in kind, such as assets given for use by the charity are recognised as income when received and are recorded at their estimated market value. Assets given for distribution by the charity are recognised as income when distributed. Voluntary help is not recognised in the Statement of Financial Activities.

15

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

Expenditure

Expenditure incurred directly in the fulfilment of the charity's objectives is included in direct charitable expenditure.

Fund accounting

Unrestricted fund incoming resources have been received or generated for expenditure in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds which have been designated for specific purposes by the trustees.

Restricted funds are to be used for specific purposes laid down by the donors.

Allocation of costs between activities

Staff costs have been allocated based on job roles and time spent between activities.

2 Voluntary income

Gifts and donations
Gift aid
Grants
Government Kickstarter Scheme grants
3 Income from non-charitable trading
Rents from Cross Rhythms' premises		 Total Funds
2023
£
100,938
13,174
2,000
0
116,112
Total Funds
2023
£
62,571		 Total Funds
2022
£
115,828
14,415
5,635
12,568
148,446
Total Funds
2022
£
59,806

16

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

4 Income from charitable trading activities

Total Funds
2023
£
Trading: Advertising and other station support
10,494
Other charitable trading
19,576
30,070		 Total Funds
2022
£
5,839
10,704
16,543

5 Activities for generating funds Costs of generating voluntary income

Costs of generating voluntary income
Marketing and fundraising costs
Staff costs		 Total Funds
Total Funds
2023
2022
£
£
2,082
153
3,505
4,418
5,587
4,571
6 Costs in furtherance of charitable objectives
Provision of charitable services
Radio
Other charitable trading
XRhythms
Media training
Cross Rhythms Worldwide
Other charitable support
Analysis of provision of charitable services
Staff costs
Depreciation/
Amortisation
Other costs
£
£
£
Radio
57,976
8,668
26,676
Other charitable trading
0
0
0
XRhythms
8,981
493
3,746
Media training
197
0
0
Cross Rhythms Worldwide
2,757
0
13,039
Other charitable support
11,192
0
38,037
81,103
9,161
81,498		 6 Costs in furtherance of charitable objectives
Provision of charitable services
Radio
Other charitable trading
XRhythms
Media training
Cross Rhythms Worldwide
Other charitable support
Analysis of provision of charitable services
Staff costs
Depreciation/
Amortisation
Other costs
£
£
£
Radio
57,976
8,668
26,676
Other charitable trading
0
0
0
XRhythms
8,981
493
3,746
Media training
197
0
0
Cross Rhythms Worldwide
2,757
0
13,039
Other charitable support
11,192
0
38,037
81,103
9,161
81,498		 Total Funds
Total Funds
2023
2022
£
£
93,320
95,666
0
0
13,220
21,352
197
801
15,796
11,378
49,229
48,461
171,762
177,658
Total Funds
Total Funds
2023
2022
£
£
93,320
95,666
0
0
13,220
21,352
197
801
15,796
11,378
49,229
48,461
171,762
177,658
81,103
9,161
81,498

17

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

7 Governance

Salaries
Accountancy fees
Independent examination fees
Legal fees
Professional fees		 Total Funds
Total Funds
2023
2022
£
£
4,183
3,666
0
0
1,485
1,307
0
0
0
498
5,668
5,471

8 Total resources expended

Direct charitable expenditure
Activities for generating funds
Governance costs
Other resources expended		 Total Funds
Total Funds
Staff costs
Depreciation
Other costs
2023
2022
£
£
£
£
£
81,103
9,161
81,498
171,762
177,658
3,505
0
2,082
5,587
4,571
4,183
0
1,485
5,668
5,471
0
0
19,030
19,030
12,372
88,791
9,161
104,095
202,047
200,072
The aggregate payroll costs were:
Wages and salaries
Social security costs		 2023
2022
£
£
87,027
101,800
1,764
3,436
88,791
105,236

18

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

8 Total resources expended (continued)

As Charity Trustees, the Board of directors, who are not employees, are not included above. They receive no remuneration for their services. Expenses were reimbursed or paid directly to third parties for Travel and Accommodation on to enable Trustees to attend Trustee meetings. The total paid in the year was £687 (2022 £635).

No employee received emoluments in excess of £60,000 during the period.

Particulars of employees:

The average number of staff employed by the charity during the financial year amounted to:

Number of fundraising staff
Number of administrative staff
Number of management staff
Other direct charitable staff		 2023
2022
No
No
0
0
2
2
1
1
2
2
5
5

Other costs:

Other costs:
Legal and Professional
Other
Net outgoing resources
Net outgoing resources after charging/(crediting)
Depreciation and amortisation
(Profit)/loss on disposal of fixed assets
Independent Examiner's remuneration - the independent
examination of the charity's accounts		 2023
2022
£
£
1,485
1,805
102,610
86,593
104,095
88,398
2023
2022
£
£
9,161
6,438
0
0
1,485
1,307

9 Net outgoing resources

19

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

10 Intangible Fixed Assets
Cost or valuation
At 1 January 2023
Additions
Disposals
At 31 December 2023
Amortisation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Website
£
26,272
0
0
26,272
8,760
2,628
11,388
14,884
17,512

20

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

11 Tangible Fixed Assets
Cost or valuation
At 1 January 2023
Additions
Disposals
Transfer to investment property
Revaluation
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
Eliminated on disposal
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Freehold
Property
Improvements
to Property
Equipment
£
£
£
324,000
4,445
150,094
0
0
21,719
0
0
(42,680)
0
0
0
0
0
0
324,000
4,445
129,133
0
978
116,907
0
171
6,362
0
0
(42,680)
0
1,149
80,589
324,000
3,296
48,544
324,000
3,467
33,187		 Total
£
478,539
21,719
(42,680)
0
0
457,578
117,885
6,533
(42,680)
81,738
375,840
360,654

The trustees completed the purchase of a freehold building previously occupied by BBC Radio Stoke on 31 May 2002 at a purchase price including equipment and transaction costs of £306,010. The property was professionally valued by Rory Mack Limited who are members of RICS professional body and external to the charity, on 11 May 2020, on a market value basis at £660,000, and their valuation has been adopted in the accounts. As the property is mixed use, it has been split between Investment Property at £336,000 (note 12) and Freehold Property in use at £324,000 (note 11). (The previous external valuation to this was on 22 September 2014).

12 Investment Property
Cost or valuation
At 1 January 2023
Transfer from Tangible fixed assets
Revaluation
At 31 December 2023		 £
336,000
0
0
336,000

21

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

13 Debtors

Trade debtors
Income tax recoverable
Other debtors
Prepayments		 2023
2022
£
£
4,046
6,908
236
485
10,725
3,128
11,622
3,884
26,629
14,405

14 Creditors: Amounts falling due within one year

2023
£
Bank loans and overdrafts
6,339
Trade creditors
7,175
Taxation and social security
1,027
Other creditors
11,778
Gross wages and employers national insurance accrual
0
Accruals and deferred income
34,598
60,917
Creditors: Amounts falling due after more than one year
2023
£
Bank and other loans
238,002
238,002
Of the above loan amounts the following amount is due in instalments after 5 years:
2023
£
Bank and other loans
206,729		 2022
£
6,837
6,903
1,033
14,939
0
23,437
53,149
2022
£
243,287
243,287
2022
£
211,182

15 Creditors: Amounts falling due after more than one year

Included in loans due after more than one year is a loan from Triodos Bank for £238,002 that has been secured by a legal charge over the company's freehold premises and other assets with interest at 3% above the Bank of England base rate per annum. The loan has been measured at the principal amount payable. There is also a balance of £6,339 (2022 - £6,837) on this loan which is due in less than one year. This is included within Bank loans and overdrafts in note 14.

22

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

16 Restricted funds

Media Training
fund
Churches Media
Trust
UK Youth
Broadcasting
Infrastructure
Other Restricted
gifts funds		 Brought
Forward
Incoming
resources
Outgoing
resources
Transfers
£
£
£
£
8,342
0
(2,370)
0
7,657
0
0
0
(812)
21,619
(10,492)
(2,689)
14,300
0
(18,014)
3,714
9,975
12,850
(18,097)
(258)
39,462
34,469
(48,973)
767		 Balance
carried
forward
£
5,972
7,657
7,626
0
4,470
25,725

Sufficient resources are considered to be held in an appropriate format to enable each fund to be applied.

Fund purposes:

The Churches Media Trust:

The Churches Media Trust grant has been provided for making bursaries available for students and to contribute towards the work for the Media Training Community Courses.

Media Training fund:

Launched in September 2012, the Cross Rhythms Media Training Centre is a base to train, equip and disciple the next generation of 'media missionaries'. Young people from across the UK explore a 'call' to serve God in media, gaining training in a variety of media courses, as well as invaluable work experience in a live FM radio setting. In addition, training in media, journalism, reception, administration and business skills are offered to local disadvantaged youth in partnership with groups such as Job Centre Plus. The fund balances above incorporate restricted giving towards various aspects of this work.

UK Youth: Reaching a youth generation through XRhythms.

61% of young people feel that adults are out of touch with their relationships; 46% believe that sexting is part of everyday teenage life; 43% experience bullying at least once a week; 20% selfharm on a regular basis and 41% believe religion is more often the cause of evil in the world. XRhythms will change the diet of what a youth generation is consuming through media! To offer them a Christian response to the issues affecting their lives. xRhythms was launched on 28 September 2019 and is a brand new online Visual Radio station complete with its own dedicated website, YouTube channel, and specialist use of social media platforms like Instagram, Snapchat and Facebook, aimed at the 13’s-20’s.

23

CROSS RHYTHMS COMPANY LIMITED BY GUARANTEE

YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS

(£11,259 (2022 - £13,948) of the fund balance is spent but still shown as a restricted fund balance as it is represented by restricted intangible and tangible fixed assets.)

Broadcasting Infrastructure:

Cross Rhythms were awarded a grant towards capital expenditure enabling improvement of broadcasting infrastructure.

17 Related Parties

Spirit of Plymouth (Radio) Limited is a radio station that uses the Cross Rhythms template and has a common trustee in Christopher Cole. During the year Cross Rhythms received income for support services totalling £6,920 (2022 - £6,214) of which £NIL (2022 - £676) was outstanding at the year end.

Undrawn net wages jointly by Jonathan Bellamy and his wife, Heather Bellamy, a member of Executive Management at the year end totalled £1,776 (2022 - £11,589).

All outstanding amounts stated above will be settled in cash.

Aggregate gifts in the year from related parties was £3,265 (2022- £25,701).

18 Going concern

The charity has net current liabilities of £29,878 (of which £14,887 relates to rental income charged in advance) and its income is substantially dependent upon gifts and donations which, by their very nature, are uncertain and would impact on the charity’s loan covenants and its ability to continue as a going concern. The charity’s forecasts and projections continue to show that the charity will be able to operate as a going concern for the foreseeable future. Accordingly, the trustees continue to adopt the going concern basis in preparing the annual report and financial statements.

19 Company limited by guarantee

Cross Rhythms is incorporated as a company limited by guarantee and is registered in England and Wales. The members are each liable to contribute up to £10 in the event of the company being wound up.

There were 6 directors at the year end and 6 at the beginning of the year. No directors were appointed during the year.

24