REGISTERED COMPANY NUMBER: 03642582 (England and Wales) REGISTERED CHARITY NUMBER: 1119865
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 October 2022
for
Drystone Radio Limited
Mr R M Watson MA; FCA Manby Castle Embsay Skipton North Yorkshire BD23 6PH
Drystone Radio Limited
Contents of the Financial Statements for the Year Ended 31 October 2022
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 14 |
| Detailed Statement of Financial Activities | 15 | to | 16 |
Drystone Radio Limited
Reference and Administrative Details for the Year Ended 31 October 2022
| TRUSTEES | D C Adams FCA, CTA, FIMgt Chief Executive |
|---|---|
| P Hitchcock | |
| J M T Rose | |
| A Rankine | |
| COMPANY SECRETARY | Mrs C Adams |
| REGISTERED OFFICE | 82 Keighley Road |
| Cowling | |
| Keighley | |
| West Yorkshire | |
| BD22 0BA | |
| REGISTERED COMPANY NUMBER | 03642582 (England and Wales) |
| REGISTERED CHARITY NUMBER | 1119865 |
| INDEPENDENT EXAMINER | Mr R M Watson MA; FCA |
| Manby Castle | |
| Embsay | |
| Skipton | |
| North Yorkshire | |
| BD23 6PH | |
| BANKERS | Lloyds Bank Limited |
| 45 Hustlergate | |
| Bradford | |
| West Yorkshire | |
| BD1 1NT |
Page 1
Drystone Radio Limited
Report of the Trustees for the Year Ended 31 October 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The object of the charity is to advance the education and training of the public in particular, but not exclusively, persons who have a learning disability, in radio broadcasting and media skills techniques.
The strategies employed to achieve the charity's objectives are to: Train individuals of all ages in radio broadcasting;
Provide the Craven and Wharfedale areas with an independent voice which challenges, enriches, informs, stimulates and entertains by targeted broadcasting to the diverse strands of the whole community; Provide confidence and building experience through the provision of courses;
The charity's aims, objectives and activities are reviewed each year. This review looks at the activities undertaken in the previous year to ensure that benefits have been brought to those groups the charity was set up to help, the review also helps to ensure that our activities remain focused on our stated aims and objectives. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning the charity's future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set.
Volunteers
The charity is grateful for the assistance of 43 volunteer workers during the year.
STRATEGIC REPORT
Achievement and performance
Charitable activities
During the year the charity continued to broadcast on the internet and on FM and at the end of the year on DAB. All activities of the charity have been conducted in accordance with the concept of social gain and within the charter of the Community Media Association.
The charity currently has 43 volunteers and has trained 13 individuals in broadcasting skills and employed or supported 3 individuals of a vulnerable nature throughout the year.
The charity has worked with many organizations during the year by promoting their objectives .
By undertaking these projects the charity has made significant beneficial differences to individual lives as well as enriching the lives of the local community with its radio broadcasts and thereby fulfilling its stated aims and objectives.
Fundraising activities
During the year the charity continued a general commercial strategy involving raising funds through donations,gift aid as well as advertising .
Financial review
Financial position
The total reserves of the charity amount to £14,471 in unrestricted reserves ( 2021 £17,159) and restricted reserves of £1,880 (2021 £2,211).Free reserves amounted to a negative figure of £11,445 ( 2021 negative £8,561).
Income from donations and gift aid has decreased by just £93 to £69,320 from £69,413 during the year and income from advertising a has decreased to £1,738 from £8,028. There were no Government support grants in respect of covid this year (2021 £2,400) Total income has therefore decreased by £8,783.
Total expenditure has increased by £1,304 from £72,773 last year to £74,077 this year.T
Overall there has been an excess of expenditure over income of (£3,019) compared to an excess of income over expenditure in 2021 of £7,068.
Principal funding sources
The principle sources of funding are donations ,gift aid and advertising revenue.
Reserves policy
The trustees plan to establish a level of reserves (that is those funds that are freely available) over the following years which allow the charity to operate and meet its objectives
Page 2
Drystone Radio Limited
Report of the Trustees for the Year Ended 31 October 2022
STRATEGIC REPORT Financial review
Going concern
The accounts have been prepared on a going concern basis as although the charity has net current liabilities of £11,445 any shortfall will be covered by the directors in the short term and it is the intention to build up the free reserves of the charity over the coming years.
The trustees have looked at forecasts and are satisfied that the charity has adequate resources to continue to operate for the foreseeable future.
The charity has increased its revenue since the year end and expenditure will not be authorised unless sufficient funds are in place.For these reasons and with the continued financial support of the trustees, it is felt appropriate to continue to adopt the going concern basis for preparing these financial statements.
Principal risks and uncertainties
The major risk identified is the financial sustainability of the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, liaison with the bank and active management of debts due to the charity. This is managed by the treasurer and reviewed by the board of trustees.
Non financial risks arise from fire,health and safety of staff and visitors,the protection of vulnerable people,the management of performing rights and food hygiene. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place and making staff aware of their responsibilities in these areas.
External risks relate mainly to the general economic conditions which affect the level of income receivable especially with the downturn in the economy due to the covid 19 outbreak.
Financial and risk management objectives and policies
The trustees have a duty to identify and review the risks to which the charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
Future plans
The charity is creating a relationship with the wider area.of Craven and Wharfedale.and is increasing its training and outside broadcast activities in the enlarged area.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
To become a trustee of the charity you must deliver to the Company an application for membership, no person can become a trustee of the Company unless they are approved by the directors. There were 4 Director/Trustees at the year end The liability of each member in the event of winding up is limited to £1.
As set out in the Articles of Association there shall always be a minimum of three directors/trustees, there is no maximum number of directors or trustees. All trustees are directors of the charitable company. The charity is managed and overseen by the trustees.
Organisational structure
The Trustees and directors make decisions regarding all strategic matters and all expenditure. The charity has appointed a station manager who makes day to day operational decisions.
Induction and training of new trustees
The policy for inducting and training the trustees has been reviewed and a training plan produced
Key management remuneration
Remuneration of staff is governed by market rates.
Related parties
The only related parties are the trustees and company secretary . Details of related party transactions are contained in notes 6 and 16 to the accounts.
Page 3
Drystone Radio Limited
Report of the Trustees for the Year Ended 31 October 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Drystone Radio Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 6 April 2023 and signed on the board's behalf by:
D C Adams FCA, CTA, FIMgt - Trustee
Page 4
Independent Examiner's Report to the Trustees of Drystone Radio Limited
Independent examiner's report to the trustees of Drystone Radio Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
R M Watson
Mr R M Watson MA; FCA Manby Castle Embsay Skipton North Yorkshire BD23 6PH
12 April 2023
Page 5
Drystone Radio Limited
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 October 2022
| 31.10.22 | 31.10.21 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies | 2 | 69,320 | - | 69,320 | 69,413 | |
| Charitable activities | 4 | |||||
| Radio Station | - | - | - | 2,400 | ||
| Other trading activities | 3 | 1,738 | - | 1,738 | 8,028 | |
| Total | 71,058 | - | 71,058 | 79,841 | ||
| EXPENDITURE ON | ||||||
| Raising funds | 61,104 | - | 61,104 | 53,783 | ||
| Charitable activities | ||||||
| Radio Station | 12,642 | 331 | 12,973 | 13,836 | ||
| Other | - | - | - | 5,154 | ||
| Total | 73,746 | 331 | 74,077 | 72,773 | ||
| NET INCOME/(EXPENDITURE) | (2,688) | (331) | (3,019) | 7,068 | ||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 17,159 | 2,211 | 19,370 | 12,302 | ||
| TOTAL FUNDS CARRIED FORWARD | 14,471 | 1,880 | 16,351 | 19,370 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 6
Drystone Radio Limited
Balance Sheet
31 October 2022
| 31.10.22 | 31.10.21 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible assets | 9 | 30,166 | 1,880 | 32,046 | 33,931 | |
| CURRENT ASSETS | ||||||
| Debtors | 10 | 2,277 | - | 2,277 | 3,003 | |
| Cash at bank and in hand | 5 | - | 5 | 5 | ||
| 2,282 | - | 2,282 | 3,008 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | 11 | (13,727) | - | (13,727) | (11,569) | |
| NET CURRENT ASSETS | (11,445) | - | (11,445) | (8,561) | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 18,721 | 1,880 | 20,601 | 25,370 | ||
| CREDITORS | ||||||
| Amounts falling due after more than one year | 12 | (4,250) | - | (4,250) | (6,000) | |
| NET ASSETS | 14,471 | 1,880 | 16,351 | 19,370 | ||
| FUNDS | 15 | |||||
| Unrestricted funds | 14,471 | 17,159 | ||||
| Restricted funds | 1,880 | 2,211 | ||||
| TOTAL FUNDS | 16,351 | 19,370 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 6 April 2023 and were signed on its behalf by:
D C Adams FCA, CTA, FIMgt - Trustee
The notes form part of these financial statements
Page 7
Drystone Radio Limited
Notes to the Financial Statements for the Year Ended 31 October 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property alterations - 15% on reducing balance Plant and machinery - 15% on reducing balance Fixtures and fittings - 15% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.The four restricted funds relate to grants received in respect of capital items which are being written off in line with depreciation on those items.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial Instruments
The charity 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.
Grants
Government grants and third party contributions and donations are recognised as due to the charity when there is reasonable assurance that the charity will comply with any conditions attached to the payments and that the grants or contributions will be received.
Grants recognised as income are presented separately in the notes to the accounts.
Page 8
continued...
Drystone Radio Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2022
2. DONATIONS AND LEGACIES
| 2. | DONATIONS AND LEGACIES | |||
|---|---|---|---|---|
| 31.10.22 | 31.10.21 | |||
| £ | £ | |||
| Donations | 54,725 | 57,406 | ||
| Gift aid | 14,595 | 12,007 | ||
| 69,320 | 69,413 | |||
| 3. | OTHER TRADING ACTIVITIES | |||
| 31.10.22 | 31.10.21 | |||
| £ | £ | |||
| Advertising & sale of service | 1,738 | 8,028 | ||
| 4. | INCOME FROM CHARITABLE | ACTIVITIES | ||
| 31.10.22 | 31.10.21 | |||
| Activity | £ | £ | ||
| Grants | Radio Station | - | 2,400 |
A grant of £2400 was received during 2021 from Craven District Council to assist with funding during the coronavirus pandemic
The grant was unconditional and has been recognised as income in the financial statements for the relevant year.
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.10.22 | 31.10.21 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 5,655 | 5,987 |
6. TRUSTEES' REMUNERATION AND BENEFITS
For the current year Mr A Rankine received remuneration from the company of £11,916 for his role as station manager.
During 2021the following three trustees received payment from the company for services provided to the company:
J Proctor and P Hitchcock for payment as radio presenters.
O Wilkinson for technical support.
The aggregate amount received during the period they were trustees during the year was £7344. The legal authority for such payments are contained in Article 6.2.1 of the Memorandum of Association of the company which states that payment is allowed "of a reasonable and proper remuneration to any trustee,officer or servant of the company for any services rendered to the company".
Trustees' expenses
Trustees expenses of £540 in total were paid to one trustee for travel expenses in the year ended 31st October 2022 (2021 3 trustees £700 )
Page 9
continued...
Drystone Radio Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2022
7. STAFF COSTS
| 31.10.22 31.10.21 £ £ Wages and salaries 12,913 13,306 Other pension costs 33 390 12,946 13,696 The average monthly number of employees during the year was as follows: 31.10.22 31.10.21 Station Manager 1 1 No employees received emoluments in excess of £60,000. 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Total funds funds funds £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 69,413 - 69,413 Charitable activities Radio Station 2,400 - 2,400 Other trading activities 8,028 - 8,028 Total 79,841 - 79,841 EXPENDITURE ON Raising funds 53,783 - 53,783 Charitable activities Radio Station 13,447 389 13,836 Other 5,154 - 5,154 Total 72,384 389 72,773 NET INCOME/(EXPENDITURE) 7,457 (389) 7,068 RECONCILIATION OF FUNDS Total funds brought forward 9,702 2,600 12,302 TOTAL FUNDS CARRIED FORWARD 17,159 2,211 19,370 |
31.10.22 31.10.21 £ £ Wages and salaries 12,913 13,306 Other pension costs 33 390 12,946 13,696 The average monthly number of employees during the year was as follows: 31.10.22 31.10.21 Station Manager 1 1 No employees received emoluments in excess of £60,000. 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Total funds funds funds £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 69,413 - 69,413 Charitable activities Radio Station 2,400 - 2,400 Other trading activities 8,028 - 8,028 Total 79,841 - 79,841 EXPENDITURE ON Raising funds 53,783 - 53,783 Charitable activities Radio Station 13,447 389 13,836 Other 5,154 - 5,154 Total 72,384 389 72,773 NET INCOME/(EXPENDITURE) 7,457 (389) 7,068 RECONCILIATION OF FUNDS Total funds brought forward 9,702 2,600 12,302 TOTAL FUNDS CARRIED FORWARD 17,159 2,211 19,370 |
31.10.22 31.10.21 £ £ Wages and salaries 12,913 13,306 Other pension costs 33 390 12,946 13,696 The average monthly number of employees during the year was as follows: 31.10.22 31.10.21 Station Manager 1 1 No employees received emoluments in excess of £60,000. 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Total funds funds funds £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 69,413 - 69,413 Charitable activities Radio Station 2,400 - 2,400 Other trading activities 8,028 - 8,028 Total 79,841 - 79,841 EXPENDITURE ON Raising funds 53,783 - 53,783 Charitable activities Radio Station 13,447 389 13,836 Other 5,154 - 5,154 Total 72,384 389 72,773 NET INCOME/(EXPENDITURE) 7,457 (389) 7,068 RECONCILIATION OF FUNDS Total funds brought forward 9,702 2,600 12,302 TOTAL FUNDS CARRIED FORWARD 17,159 2,211 19,370 |
|---|---|---|
| 79,841 | ||
| 53,783 13,836 5,154 |
||
| 72,773 | ||
| 7,068 12,302 |
||
| 19,370 |
Page 10
continued...
Drystone Radio Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2022
9. TANGIBLE FIXED ASSETS
| 9. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Leasehold | Fixtures | ||||
| property | Plant and | and | |||
| alterations | machinery | fittings | Totals | ||
| £ | £ | £ | £ | ||
| COST | |||||
| At 1 November 2021 | 2,030 | 80,875 | 6,173 | 89,078 | |
| Additions | - | 3,770 | - | 3,770 | |
| At 31 October 2022 | 2,030 | 84,645 | 6,173 | 92,848 | |
| DEPRECIATION | |||||
| At 1 November 2021 | 971 | 49,476 | 4,700 | 55,147 | |
| Charge for year | 159 | 5,275 | 221 | 5,655 | |
| At 31 October 2022 | 1,130 | 54,751 | 4,921 | 60,802 | |
| NET BOOK VALUE | |||||
| At 31 October 2022 | 900 | 29,894 | 1,252 | 32,046 | |
| At 31 October 2021 | 1,059 | 31,399 | 1,473 | 33,931 | |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.10.22 | 31.10.21 | ||||
| £ | £ | ||||
| Trade debtors | 150 | 1,260 | |||
| Other debtors | - | 1 | |||
| PAYE refund | - | 215 | |||
| VAT | 225 | 179 | |||
| Prepayments | 1,902 | 1,348 | |||
| 2,277 | 3,003 | ||||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.10.22 | 31.10.21 | ||||
| £ | £ | ||||
| Bank loans and overdrafts (see note 13) | 1,600 | 1,600 | |||
| Trade creditors | 1,353 | 1,860 | |||
| Tax | 1,498 | - | |||
| Other creditors | 393 | 393 | |||
| Director's Loan account | 2,769 | 2,352 | |||
| Bank Overdraft | 1,555 | 1,601 | |||
| Accruals and deferred income | 4,559 | 3,763 | |||
| 13,727 | 11,569 |
Page 11
continued...
Drystone Radio Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2022
12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 31.10.22 | 31.10.21 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans (see note | 13) | 4,250 | 6,000 |
13. LOANS
A government backed bounce back loan was received from Lloyds Bank for £8,000 in July of the year ended 31st October 2020 to assist with financing due to difficulties caused by the Covid 19 pandemic.No repayments were required during the first year and the government paid the interest during that year.After that interest is fixed at 2.5% .
Repayments commenced in August 2021 consisting of capital and interest repayments. The loan is repayable at the end of the sixth year although early repayment is permitted.
14. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| 31.10.22 | 31.10.21 | |
|---|---|---|
| £ | £ | |
| Within one year | 4,500 | 4,500 |
| Between one and five years | 18,000 | 18,000 |
| 22,500 | 22,500 |
Payments recognised as an expense during the year amounted to £5,450 (2021 £7,175).
15. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| At | movement | At | |
| 1.11.21 | in funds | 31.10.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 17,159 | (2,688) | 14,471 |
| Restricted funds | |||
| Local Network Fund | 301 | (45) | 256 |
| Skipton Mechanics Institute | 32 | (5) | 27 |
| Big Lottery | 1,170 | (175) | 995 |
| Groundworks UK | 708 | (106) | 602 |
| 2,211 | (331) | 1,880 | |
| TOTAL FUNDS | 19,370 | (3,019) | 16,351 |
Page 12
continued...
Drystone Radio Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2022
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 71,058 | (73,746) | (2,688) |
| Restricted funds | |||
| Local Network Fund | - | (45) | (45) |
| Skipton Mechanics Institute | - | (5) | (5) |
| Big Lottery | - | (175) | (175) |
| Groundworks UK | - | (106) | (106) |
| - | (331) | (331) | |
| TOTAL FUNDS | 71,058 | (74,077) | (3,019) |
| Comparatives for movement in funds | |||
| Net | |||
| At | movement | At | |
| 1.11.20 | in funds | 31.10.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 9,702 | 7,457 | 17,159 |
| Restricted funds | |||
| Local Network Fund | 354 | (53) | 301 |
| Skipton Mechanics Institute | 37 | (5) | 32 |
| Big Lottery | 1,376 | (206) | 1,170 |
| Groundworks UK | 833 | (125) | 708 |
| 2,600 | (389) | 2,211 | |
| TOTAL FUNDS | 12,302 | 7,068 | 19,370 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 79,841 | (72,384) | 7,457 |
| Restricted funds | |||
| Local Network Fund | - | (53) | (53) |
| Skipton Mechanics Institute | - | (5) | (5) |
| Big Lottery | - | (206) | (206) |
| Groundworks UK | - | (125) | (125) |
| - | (389) | (389) | |
| TOTAL FUNDS | 79,841 | (72,773) | 7,068 |
Page 13
continued...
Drystone Radio Limited
for the Year Ended 31 October 2022
Notes to the Financial Statements - continued
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Local Network Fund Skipton Mechanics Institute Big Lottery Groundworks UK TOTAL FUNDS |
Net At movement At 1.11.20 in funds 31.10.22 £ £ £ 9,702 4,769 14,471 354 (98) 256 37 (10) 27 1,376 (381) 995 833 (231) 602 2,600 (720) 1,880 12,302 4,049 16,351 |
Net At movement At 1.11.20 in funds 31.10.22 £ £ £ 9,702 4,769 14,471 354 (98) 256 37 (10) 27 1,376 (381) 995 833 (231) 602 2,600 (720) 1,880 12,302 4,049 16,351 |
|---|---|---|
| 1,880 | ||
| 16,351 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Incoming | Resources | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 150,899 | (146,130) | 4,769 | |
| Restricted funds | ||||
| Local Network Fund | - | (98) | (98) | |
| Skipton Mechanics Institute | - | (10) | (10) | |
| Big Lottery | - | (381) | (381) | |
| Groundworks UK | - | (231) | (231) | |
| - | (720) | (720) | ||
| TOTAL FUNDS | 150,899 | (146,850) | 4,049 |
16. RELATED PARTY DISCLOSURES
D.C.Adams ( Director and trustee of the charity)
During the year donations of £54,381 (2021 £51,960) were received from D.C.Adams.
Rent of £5,450 (2021 £7125) was charged by Cragside Pension Scheme , a scheme set up for the benefit of D.C.Adams.
Lindley Adams Limited , a company of which D.C.Adams is a director charged Drystone Radio Limited £2,450 (2021 £2,025) for accountancy and related services.
At the end of the year the Company owed D.C.Adams £2,769 (2021 £2,352).
At the end of 2020 the Company was owed £4531 by South Craven Forward Limited ,a company of which Mr. D.C.Adams is a director.During 2021 £4529 of this amount was written off as being irrecoverable as the company is to be wound up and has insufficient funds to meet its liabilities. All related party transactions are unsecured.
Page 14
Drystone Radio Limited
Detailed Statement of Financial Activities for the Year Ended 31 October 2022
| 31.10.22 | 31.10.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 54,725 | 57,406 |
| Gift aid | 14,595 | 12,007 |
| 69,320 | 69,413 | |
| Other trading activities | ||
| Advertising & sale of service | 1,738 | 8,028 |
| Charitable activities | ||
| Grants | - | 2,400 |
| Total incoming resources | 71,058 | 79,841 |
| EXPENDITURE | ||
| Other trading activities | ||
| Wages | 12,913 | 13,306 |
| Pensions | 33 | 390 |
| Licensing | 901 | 404 |
| Volunteer expenses | 1,470 | 4,980 |
| Rent, rates & water | 6,688 | 8,381 |
| Insurance | 1,250 | 1,498 |
| Light & heat | 2,495 | 1,576 |
| Production costs | 35,354 | 23,248 |
| 61,104 | 53,783 | |
| Charitable activities | ||
| Telephone | 3,232 | 3,814 |
| Subscriptions | 243 | 199 |
| Sundries | 163 | 79 |
| Repairs | 149 | 162 |
| Marketing | - | 612 |
| Leasehold property alterations | 159 | 187 |
| Plant and machinery | 5,275 | 5,541 |
| Fixtures and fittings | 221 | 260 |
| 9,442 | 10,854 | |
| Other | ||
| Bad debts | - | 5,154 |
| Support costs | ||
| Management | ||
| Bank interest | 121 | 112 |
| Finance | ||
| Bank charges | 728 | 724 |
| Credit charges | 74 | 74 |
| Carried forward | 802 | 798 |
This page does not form part of the statutory financial statements
Page 15
Drystone Radio Limited
Detailed Statement of Financial Activities for the Year Ended 31 October 2022
| 31.10.22 | 31.10.21 | |
|---|---|---|
| £ | £ | |
| Finance | ||
| Brought forward | 802 | 798 |
| Loan interest | 158 | 47 |
| 960 | 845 | |
| Governance costs | ||
| Accountancy fees | 1,590 | 1,165 |
| Independent examination | 860 | 860 |
| 2,450 | 2,025 | |
| Total resources expended | 74,077 | 72,773 |
| Net (expenditure)/income | (3,019) | 7,068 |
This page does not form part of the statutory financial statements
Page 16