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2020-12-31-accounts

Company no: 01701585 (England and Wales) Charity no: 286614

CALIBRE AUDIO Formerly Calibre Audio Library (A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

Contents

ontents
Page
Legal and administrative information 3
From our Chair 5
Main Achievements in 2020 6
Volunteers 6
Aims for 2021 7
The Trustees report for 2020
Objects of Calibre Audio 9
Governance and management 9
Conflicts of interest 10
Risk management 10
Social investment and grant making 10
Remuneration policy for Trustees and senior staff 10
Fundraising statement 11
Public benefit 11
Financial review 12
Overview 12
Income 12
Expenditure 13
Reserves policy 13
Investments 14
The Trustees statement of responsibilities 15
Independent auditor’s report to the members of Calibre Audio 16
Statement of financial activities 21
Summary income and expenditure account 22
Balance sheet 23
Statement of cash flows 24
Notes to the financial statements 25

2

Legal and administrative information

Registered office New Road
and principal address Weston Turville
Aylesbury
Bucks
HP22 5XQ
Company number 01701585 (England and Wales)
Charity number 286614
Trustees Richard Balkwill (Chair)
David Stephens (Hon Treasurer)
Anne Bolton
Sarah Frost
Rachel Gatley – Resigned 23 April 2020
John Godber
Peter Gurney - Resigned 23 April 2020
Diana le Clercq
David Lillycrop – Resigned 21 August 2020
The Revd.Canon Andrew Meynell-Resigned 29 January 2020
Ian Yeoman
Robert Aldous- Appointed 21 July 2020
Fraser Hutchinson- Appointed 21 July 2020
Howard Nead- Appointed 21 July 2020
Chief Executive Anthony Kemp
and Company Secretary
Auditors WMT Chartered Accountants
Verulam Point
Station Way
St Albans
Hertfordshire
AL1 5HE
Bankers CAF Bank Limited
Lloyds Bank plc
25 Kings Hill Avenue 1 Market Square
Kings Hill Aylesbury
West Malling Bucks
Kent HP20 1TD
ME19 4JQ

3

Legal and administrative information

Investment services Interactive Investor
Exchange Court
Duncombe Street
Leeds
LS1 4AX
Patrons Simon Brett
Anne Fine
Candia McWilliam
Gervase Phinn
Contact details Telephone
01296 432339
Email
membershipservices@calibre.org.uk
Website
http://www.calibreaudio.org.uk/

4

From our Chair

2020 was a challenging year for Calibre Audio. It is a measure of the commitment shown by all members of the team – Anthony Kemp in his first full year as Chief Executive, a new and strengthened management team, and a dedicated staff prepared to go the extra mile in very difficult circumstances – that we have been able to keep supplying books to our members, and to maintain our valuable service when it has been most needed. On behalf of all those who have benefited from that service in the last year – thank you.

Calibre Audio is beginning an exciting period of transformation and growth. In March last year our service to individual members once again became free of charge. In December, we introduced a new online streaming service and launched a new download app. Next year we hope to invite more partners – trusts, foundations and publishers – to share our goal of making the reading of audio books accessible to all.

During my fourth year as Chair, we have rebranded the charity and launched a new website, as well as welcoming three new trustees to work with us on the long-term goals that lead up to our 50[th] anniversary in 2024.

These include increasing the diversity of our membership, while continuing to reach out to our core audience of visually impaired members. We want to expand the range of titles we have to offer, including more diverse books and authors, and to raise our profile in the world of reading disability. Our aim is to reach a wider audience of stakeholders who share our vision of a world where no-one is denied the freedom to read, and all feel included.

With no statutory funding we remain reliant on the generosity of our members, trusts and foundations, and other donors. To them I would like to offer our most profound and sincere thanks for their loyal support over the last year.

Thanks too, to our narrators and our volunteers. They, together with all Calibre’s staff, continue to deliver excellence to our members, and to all who benefit from Calibre’s service.

Richard Balkwill 24 March 2021

5

Main Achievements in 2020

Calibre has over 14,000 signed-up members.

During 2020, despite the COVID 19 pandemic, Calibre achieved the following:

Volunteers

Volunteers have long been a vital part of our organisation, contributing to the quality and swiftness of the service we provide to our members.

In 2020, there were 27 volunteers downloading books to memory sticks, checking and cleaning CDs and posting out newsletters and book information, both recorded and printed, to our members. This number was down on previous years due to volunteers selfisolating and Calibre being closed during lockdown.

82 volunteer narrators recorded 301 new books for the library and 23 volunteer checkers ensured that all the recordings were of the highest quality for our listeners.

6

Covid Commentary

The COVID 19 pandemic made 2020 a challenging year for Calibre audio. Despite all the uncertainty back in March 2020, we took the view to progress with the previously agreed budget and business plan. Unfortunately, we had brief periods of closure in the spring and again in December, due to the national restrictions.

We have remained open and operating normally for the rest of the year, all be it with staff working remotely, where possible, and the introduction of COVID safety measures including arranging social distancing of the office space and workstations. We did not furlough or lay off any staff during the year, however, due to their vulnerability, we did have to let a number of our volunteers go.

It is hard to quantify the financial effect as we had, prior to the pandemic, recruited a new and enhanced fundraising team, who have delivered an increase in income over 2019. The 2020 Business Plan was delivered as planned, in full compliance with the government COVID guidelines.

As we start 2021, we are still subject to COVID restrictions and, in reality, it looks like some form of control and adaptations to working practices will be needed until the summer of 2021. Despite that, we have set an ambitious business plan and budget, and remain determined to implement it fully.

Aims for 2021

For Calibre, 2021 is again likely to be a challenging year in a financial climate which is unknown, as we continue to deliver our transformation programme and develop new digital services to support the current offering on CD, Memory stick, Streaming and Download.

We will continue our work to be more community based, diverse and socially inclusive, offering the joy of reading to a wider audience of people who have a print reading disability, particularly those who currently don’t have access to books due to isolation, or their personal circumstances. This will be achieved through a mix of digital services and through facilitated reading groups, using volunteers from across the country and based in local communities, schools, libraries and colleges. This will help promote the full national nature and impact of Calibre as a social charity supporting individuals from all backgrounds.

Working with our PR agency, Calibre will become more active in promoting its activities to disadvantaged and hard to reach groups. Calibre will become more active in being a leader in the field of supported reading and will actively campaign to promote the value of accessible reading, thought leadership and working with partner organisations, promoting the broader case for wellbeing.

We will adopt our refreshed purpose to make it clear who we can support and ensure we can provide our services to anyone who has a print disability.

The Charity's Objects are to enrich the life quality and opportunities for people of all age groups with a print disability by providing access to free audio books and content, and to raise awareness of related issues affecting such people

7

We will set a 4-year strategic plan which will overarch the annual business planning process with the following key objectives: -

  1. To raise Calibre’s external profile to make us more of a national household name

  2. To increase the diversity of our membership, staff and book collection

  3. To develop sustainable and diverse income streams, including the possible exploitation of use of land and property

  4. To harness current and future technologies in order to give our members the widest possible choice from a wider range of content

  5. To develop new and existing strategic partnerships which support the other objectives of our 2021-24 plan

  6. To double our membership base from 15,000 to 30,000 by end of 2024

Aims for 2021

  1. To increase our number of net members by 2,500 by the end of 2021

  2. To develop 1 strategic publishing partnership and 1 new non-publishing partnership by the end of 2021

  3. To implement the minimum viable product of each of the 9 core I.T. capabilities by the end of 2021

  4. To develop 1 strategic corporate partner, 1 new tenant and 1 commercial book group by end of 2021

  5. To increase the number of diverse books (age and ethnicity) added to the collection by 300 of the total of 1000 new books by end of 2021

  6. Grow our membership levels within diverse groups of race, age, type of disability and gender to be 30% of all new member registrations by end of 2021

  7. To recruit 1 A-List Ambassador by end of 2021

  8. To raise the number of social media followers across all platforms from 3,500 to 15,000 by end of 2021

Anthony Kemp

Chief Executive

8

The Trustees Report 2020

Objects of Calibre Audio

The Charity's Objects are to enrich the life quality and opportunities for people of all age groups with a print disability by providing access to free audio books and content, and to raise awareness of related issues affecting such people.

Calibre audiobooks are available on CD, Memory stick, streaming via our website, Dolphin Easy reader and the “In Your Pocket” mobile phone.

Governance and management

Members of the board of Trustees are also directors of the charity for the purposes of the Companies Act and Trustees for the purposes of charity law. This report also represents the Directors’ report as required by s417 of the Companies Act 2006. The company has taken advantage of exemptions available to small companies under Part 15 of the Companies Act 2006 in preparation of this report.

The Charity is a company limited by guarantee. It was incorporated on 22 February 1983 and the last amendments to the Memorandum and Articles of Association were on 13 October 2010.

The Board of Trustees currently consists of ten members who meet at least quarterly to administer the charity. Every year one third of the Council is required to resign. However, members are eligible to apply for a subsequent term. The Council appoints a Chief Executive to manage day to day operations.

The Trustees, with guidance from the Chief Executive, are responsible for the process of succession planning to ensure that the Board of Trustees is always composed of members with the requisite experience and skills necessary to contribute to the life of the Board and with the interests of Calibre always in mind. Potential trustees must demonstrate how they meet the criteria which detail suitability for membership of the Board.

All potential trustees are offered a day to visit Calibre to find out about our service at first hand and be introduced to the Executive Management Team. Following the recruitment process, and once confirmed as a trustee, they will undertake the induction process. This includes pairing with an experienced Trustee who will act as mentor to assist with their first few months in role.

None of the Trustees has any beneficial interest in the company, nor receives any remuneration. All of the Council are members of the company and guarantee to contribute £1 in the event of winding up.

9

The Trustees report for 2020

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place that offer reasonable mitigation of the major risks.

Trustee indemnity insurance is included in our insurance policies and has been in place throughout the year.

Conflicts of interest

As part of our governance process, Trustees and key senior staff are required at the end of our accounting year to confirm whether they or any close member of their family has any business interests in any company, where an expenditure in excess of £2,000 is incurred, which may result in a conflict of interest.

Risk management

The Trustees have a risk management strategy which comprises:

The charity is extremely well supported by Trusts and foundations, members in donations and legacies which, due to uncertainty, is a financial risk. The risk is managed by maintaining an appropriate level of reserves to manage the variations in income to which the charity is exposed and a comprehensive three-year budget and financial plan to ensure excessive expenditure does not threaten the sustainability of the charity.

Social investment and grant making

All income received by the Charity is used solely for the benefit of members. The Board of Trustees does not provide any social investment loans or make grants to individuals, charities or organisations.

Remuneration policy for Trustees and senior staff

The Charity’s Trustees give of their time freely. None received remuneration in the year. Details of Trustees’ expenses are disclosed in note 9 to the accounts.

There are 5 key management personnel, including the Chief Executive who are responsible for planning, directing and controlling the day to day activities of the charity. The remuneration of the key personnel is reviewed annually and normally increased by considering the Consumer Price Index (CPI) and the Retail Price Index (RPI). Changes to senior staff responsibilities are also taken into account when reviewing remuneration.

10

The Trustees report for 2020

Fundraising statement

Calibre Audio is registered with the Fundraising Regulator. Registration means that Calibre has undertaken to abide by the terms and conditions of registration, the Fundraising Regulator's "Fundraising Promise" and the "Code of Fundraising Practice".

Calibre has never carried out any of the invasive fundraising practices that have been reported in the media as causing annoyance and distress to many, such as fundraising by telephone or door to door. We have never employed third party fundraisers nor engaged with commercial participators, bought or sold lists of personal data or mailing lists from any source. Calibre has not shared the personal data of any of our supporters and members with third parties so we are pleased to report that registration with the Regulator has not involved us in making any significant changes to our activities. We have always tried to be open and honest in all our fundraising and never to apply undue pressure when requesting support from our members.

Fundraising activities are undertaken by employees and volunteers. Fundraising communications to individuals are limited to known supporters or members of the library service. The frequency of communication is also monitored internally. Such communication is normally by direct personally addressed mail with clear communication of the opportunity to opt out of future mailings. We received no formal complaints.

Public benefit

The Charities Act 2011 requires all charities to meet the legal requirement that its aims are for the public benefit. Two key principles should be met in order to demonstrate that an organisation’s aims are for the public benefit: firstly, there must be an identifiable benefit and secondly that the benefit must be for the public or a section of the public.

The guidance lists “promoting the relief of those in need by reason of disability, financial or other hardship” and “the provision of leisure-time occupation in the interests of social welfare with the object of improving the conditions of life for the persons for whom they are intended”.

The Trustees confirm they have given due consideration to the Charity Commission’s guidance on public benefit and are confident that the Charity has complied with these. Calibre’s charitable objects fall within subsection 3 (I) of the Charities Act 2011 relating to the relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or another disadvantage. The Board of Trustees ensures these are carried out for the public benefit, through delivery of our audiobook service for print disabled people within the United Kingdom and countries aboard covered by the Marrakesh treaty. This report demonstrates how we use our charitable funds to benefit print disabled people by providing leisure time reading to improve their conditions of life.

11

The Trustees report for 2020

Financial review

Overview

It is thanks to the financial support of our members, Trusts and foundations that we can continue to expand our services. It is a difficult time for charities. This year saw an increase in our income, we continued to seek and gain new grants to maintain and expand our services. A new fundraising strategy to diversify our income streams is being adopted for 2021 to ensure we maintain our strong financial position. For 2021 there is a planned small operating deficit as the charity invests further in transforming its services for the future.

Financial Statements

The accounts have been prepared in accordance with the accounting policies set out on page 25-27 and comply with the charity’s Memorandum and Articles of Association, applicable law and the requirements 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 (Second Edition).

Income

Total income for the year was £1,245,063 an increase on 2019 of £306,822 (2019 - £938,241).

The 2020 annual and Christmas appeals generated £133,035 (2019 - £88,872). During the year £373,936 (2019 - £165,947) was received from other donations. Gift Aid income claimed amounted to £37,342 (2019 - £34,767). £67,035 (2019 - £86,434) was raised from the sale of merchandise and other activities and Investment income decreased to £12,755 (2019 - £33,883).

Legacies

Past members continue to support Calibre’s work through their legacies and In-Memoriam. In 2020 legacies and In-Memoriam amounted to £611,731 (2019 - £402,289). Legacy income in 2020 was 48% of total income (2019 - 40%)

Through our Roll of Honour, we remember with thanks our former members and friends who have either left us legacies or had generous gifts made in their memory.

Trusts

Covid-19 made 2020 a challenging year with many trusts diverting funds to support the NHS and other front-line services e.g., foodbanks. Despite this, Calibre secured support from 61 Trusts and Foundations who generously donated a total of £200,382. Included in this total was a donation of £92,500 from The Julia and Hans Rausing Trust – Covid Resilience Fund, £15,000 from The Childwick Trust and £9,960 from the National Lottery Community Fund.

12

The Trustees report for 2020

Trusts (continued)

57% of the grants received were from regional trusts, supporting members who live within the trust’s specific area of focus. Grant funding from Trusts covered the cost of adding over 106 new book titles to the library ensuring the collection remains fresh, dynamic and relevant to members.

Organisations who granted funding during 2020 included:

The Julia and Hans Rausing Trust National Lottery Coronavirus Community Fund in partnership with the Department of Digital Culture Media and Sport The Childwick Trust David Family Foundation The Clare Milne Trust The Hugh Fraser Foundation The Edith Murphy Foundation Souter Charitable Trust D.W.T. Cargill Fund The Roger & Douglas Turner Charitable Trust Sir John Eastwood Foundation The Hospital Saturday Fund Norman Family Charitable Trust The David Gibbons Foundation The Privy Purse Charitable Trust The Zochonis Charitable Trust

Expenditure

Total resources expended increased to £1,670,175 (2019 - £1,458,290). Our annual expenditure spent on providing our audio services and digital developments was 85% (2019 - 89%) of our total costs. Calibre had net outgoing resources of £425,112 in the year (2019 – £520,049 net outgoing).

There was a net unrealised capital gain in our investment assets of £51,892 (2019 - £147,280 gain) and a realised loss of £48,942 (2019 – £18,285 gain). The net deficit for 2020 was £422,162 (2019 - £354,484 deficit) meaning Calibre drew on its reserves to meet its operational costs for 2020. Total funds as of 31 December 2020 stood at £1,103,096 (2019 - £1,525,258).

Reserves policy

The Board of Trustees considers it prudent to maintain a sum equivalent to 6 - 9 months’ expenditure in unrestricted reserves to maintain the ongoing operations of the Charity. This is considered an appropriate level of reserves to manage the risks to which the Charity is exposed in the course of its business, including, but not limited to, safeguarding against volatile voluntary income. Reserves available for use by Calibre exclude restricted and designated funds.

13

The Trustees report for 2020

Reserves policy (continued)

At 31 December 2020, the level of unrestricted reserves was £1,000,229 (2019 - £1,206,450) which is 33 weeks expenditure based on our 2021 budget. The Trustees have agreed a three year (2020 to 2022) budget and financial plan with the aim of maintaining reserves to within the target range of the reserves policy.

The value of the Restricted funds as at 31 December 2020 are £34,486 (2019 - £32,205) This represents the Fixed Asset Restricted Fund £7,076; Download Enhancement £2,000 and New Title Funds of £25,410.

Designated funds stand at £68,381 (2019 - £286,603). The fund consists of tangible fixed assets of £9,638 which includes library equipment, photocopiers, telephone system, software and building infrastructure; £480 for the development of the website; £15,525 for further provision of a download app and £42,738 to renew our infrastructure to enable Calibre to deliver a more cost effective and sustainable way of working.

Investments

Calibre's reserves are invested in a diversified portfolio of assets managed internally via an account with Interactive Investor. Our investment policy is to hold: 30% - 50% in equities; 40 - 70% in government stocks and bonds; and 0% - 25% in other investments. The value and funds are detailed at note 13.

The investment policy is reviewed annually and the Trustees, at the quarterly meetings, reviews the value of the reserves required to be held in investments and cash that are not restricted for any particular purpose. It should be noted that all realised and unrealised gains and losses on investments are taken to the operational reserve, and therefore are subject to fluctuations in the equity market.

Day to day management of cash and investments is controlled by a sub-committee comprising the Chair, the Chief Executive, the Treasurer and one additional Trustee. This sub-committee has the authority to realise investments and to make further investments within the terms of the investment policy which is reviewed annually by the Trustees.

The Trustees also considers Calibre’s exposure to the risk of any significant loss of income or unforeseen cost. Legacy income has been high for the last few years; however, given its nature and uncertainty this also contributes to be a risk.

Richard Balkwill Chair Dated: 24 March 2021

14

The Trustees statement of responsibilities

The Trustees (who are also directors of Calibre Audio for the purposes of company law) are responsible for preparing the Trustees' Annual Report 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 these financial statements, the trustees are required to:

The Trustees 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. Insofar 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.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Trustees and signed on behalf of the board.

David Stephens Hon Treasurer Dated: 24 March 2021

15

Independent auditor’s report to the members of Calibre Audio

Opinion

We have audited the financial statements of Calibre Audio (the ‘charitable company’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and 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 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 charitable company 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 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 entity'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.

16

Independent auditor’s report to the members of Calibre Audio

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 contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in 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:

17

Independent auditor’s report to the members of Calibre Audio

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement the trustees (who are also the directors of the charitable company for the purposes of company law) 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 the trustees 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

18

Independent auditor’s report to the members of Calibre Audio

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

19

Independent auditor’s report to the members of Calibre Audio

Use of our report

This report is made solely to the charitable company’s 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 charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Elizabeth Irvine Senior Statutory Auditor

For and on behalf of WMT Chartered Accountants and Statutory Auditors Verulam Point Station Way St Albans Hertfordshire AL1 5HE

Date: 25 March 2021

20

CALIBRE AUDIO

CHARITY NUMBER 286614

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
INCOME FROM
Donations and Legacies
2
Investments
3
Charitable Activities
Merchandising & Other Activities
4
Other Income
Total Income
EXPENDITURE ON
Raising Funds
Fundraising costs
6
Merchandising costs
6
Charitable Activities
Provision of audio books
6
Exceptional item
11
Total Expenditure
Net Gains/(Losses) on Investments
Unrealised gains / (losses)
in Investment Assets
13
Realised gains/ (losses)
in Investment Assets
13
Net Income/(Expenditure)
Transfer between funds
18,19
Total		 Unrestricted
Designated
Restricted
Total
Total
Funds
Funds
Funds
2020
2019
£
£
£
£
£
1,138,364
-
26,910
1,165,274
817,925
12,755
-
-
12,755
33,883
49,845
-
-
49,845
69,045
17,189
-
-
17,189
17,388
1,218,153
-
26,910
1,245,063
938,241
195,189
-
-
195,189
102,688
33,630
-
-
33,630
51,854
1,198,505
218,222
24,629
1,441,356
1,193,055
-
-
-
-
110,693
1,427,324
218,222
24,629
1,670,175
1,458,290
51,892
-
-
51,892
147,280
(48,942)
-
-
(48,942)
18,285
(206,221)
(218,222)
2,281
(422,162)
(354,484)
-
-
-
-
-
(206,221)
(218,222)
2,281
(422,162)
(354,484)

For analysis of financial activities by fund for 2019 see note 25.

21

CALIBRE AUDIO

CHARITY NUMBER 286614

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Net movements in funds
18,19
Total funds at 1 January 2020
Total funds at 31 December 2020
18,19		 Unrestricted
Designated
Restricted
Total
Total
Funds
Funds
Funds
2020
2019
(206,221)
(218,222)
2,281
(422,162)
(354,484)
1,206,450
286,603
32,205
1,525,258
1,879,742
1,000,229
68,381
34,486
1,103,096
1,525,258

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Gross Income
Total income
Total expenditure from income funds
Net income for the year		 Total 2020
£
1,245,063
1,245,063
(1,670,175)
(425,112)		 Total 2019
£
938,241
938,241
(1,458,290)
(520,049)

The summary income and expenditure account is derived from the Statement of Financial Activities on page 21 which, together with the notes on pages 25 to 36, provides full information on the movements during the year on all funds of the charity.

22

CALIBRE AUDIO

CHARITY NUMBER 286614

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible fixed assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank & in hand
Current liabilities
Creditors: Amounts falling
16
due within one year
Net current assets
Total net assets
Charitable funds
Restricted funds
18
Designated reserve
19
Unrestricted funds
Total funds		 £
£
29,998
450,764
480,762
23,943
551,968
93,170
669,081
(46,747)
622,334
1,103,096
34,486
68,381
1,000,229
1,103,096
2020		 £
£
46,142
1,170,492
1,216,634
11,231
220,977
138,209
370,417
(61,793)
308,624
1,525,258
32,205
286,603
1,206,450
1,525,258
2019		 £
£
46,142
1,170,492
1,216,634
11,231
220,977
138,209
370,417
(61,793)
308,624
1,525,258
32,205
286,603
1,206,450
1,525,258
2019
23,943
551,968
93,170
669,081
(46,747)
34,486
68,381
1,000,229
1,525,258
1,525,258

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.

These financial statements were authorised for issue by the Council on 24 March 2021 and signed on behalf of the board. The Trustees may on a voluntary basis under the Companies Act 2006, s454, amend the financial statements if they subsequently prove to be defective.

Richard Balkwill Chair Date: 24 March 2021

David Stephens Hon Treasurer Date: 24 March 2021

The notes on pages 25 to 36 form part of these financial statements. Company no: 01701585 Charity no: 286614

23

CALIBRE AUDIO

CHARITY NUMBER 286614

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Cash flows from operating activities
Net cash provided by (used in) operating activities
Cash flows from investing activities
Dividends and interest from investments
Purchase of tangible assets
Sale of investments
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at beginning of reporting period
Cash and cash equivalents at the end of the reporting period
Reconciliation of net movement in funds to net cash inflow from operating activities
Net income / (expenditure) for the year
Adjustments:
Depreciation charges
Losses / (gains) on investments
Dividends and interest from investments
Loss on write off of intangible asset
Decrease / (increase) in stocks
(Increase) / decrease in debtors
(Decrease) / increase in creditors
Net cash provided by (used in) operating activities
Analysis of changes in net debt
At start of
year
Cash
138,209
Cash Equivalents
-
138,209		 Cash flows from operating activities
Net cash provided by (used in) operating activities
Cash flows from investing activities
Dividends and interest from investments
Purchase of tangible assets
Sale of investments
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at beginning of reporting period
Cash and cash equivalents at the end of the reporting period
Reconciliation of net movement in funds to net cash inflow from operating activities
Net income / (expenditure) for the year
Adjustments:
Depreciation charges
Losses / (gains) on investments
Dividends and interest from investments
Loss on write off of intangible asset
Decrease / (increase) in stocks
(Increase) / decrease in debtors
(Decrease) / increase in creditors
Net cash provided by (used in) operating activities
Analysis of changes in net debt
At start of
year
Cash
138,209
Cash Equivalents
-
138,209		 2020
£
(767,187)		 2019
£
(319,609)
12,755
(13,284)
722,677		 33,883
(17,420)
230,180
722,148
(45,039)
138,209		 246,643
(72,966)
211,175
93,170 138,209
2020
£
(422,162)		 2019
£
(354,484)
29,428
(2,950)
(12,755)
-
(12,712)
(330,991)
(15,046)		 81,354
(165,565)
(33,883)
110,693
(291)
29,219
13,348
(767,187) (319,609)
Cash Flows
(45,039)
-
(45,039)		 At 31 December
2020
93,170
-
138,209 93,170

24

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

1 ACCOUNTING POLICIES

a Basis of preparation and assessment of going concern

The accounts (financial statements) have been prepared under the historical cost convention (as modified

by the revaluation of certain fixed assets). Items are recognised at cost or transaction value, unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice, Accounting and Reporting (FRS102 - Second Edition), applicable accounting standards and the Companies Act 2006. Calibre Audio meets the definition of a public benefit entity under FRS 102. The functional and presentational currency is Sterling. The status of the company is incorporated.

The registered office is New Road, Weston Turville, Aylesbury, Bucks, HP22 5XQ.

b Going concern

The financial statements have been prepared on a going concern basis. Having considered the charity's reserves position, future plans and forecasts for at least twelve months, the trustees consider that on this basis the charity is a going concern.

c Income recognition

All income is recognised in the accounts when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty.

Donations and forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement.

Legacies are recognised on a case by case basis following the grant of probate and when the administrator/executor for the estate has communicated in writing both the amount and settlement date being reliably measurable with a degree of accuracy.

Interest on funds held on deposit is included when receivable and the amount can be reliably measured; normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been received.

Income from merchandising is recognised on shipment of goods.

d Expenditure recognition

All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs 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.

Premises and support costs comprise all services centrally. Salaries included in support costs are allocated between charitable activities and fundraising costs, using an estimate of time spent by staff on dealing with those areas.

e Cash at bank and in hand

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

f Debtors

Trade and other debtors are recognised at the settlement amount due after trade discount offered. Pre-payments are valued at the amount pre-paid net of any trade discounts due.

g

Creditors and provisions

Creditors and provisions are recognised where the charity has 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 allowing for any trade discounts due.

25

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

1 Accounting policies (continued)

h Financial Instruments

The charity enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and investments in non-puttable ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:

1) at fair value with changes recognised in the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably, and 2) at cost less impairment for all other investments.

i Fund accounting

Restricted funds are subject to specific conditions set by donors as to how they may be used. The purposes and uses of restricted funds are set out in note 18 to the accounts.

Designated funds comprise funds which have been set aside at the discretion of the Board of Trustees for specific purposes. The purposes and uses of the designated funds are set out in note 19 to to the accounts.

j Allocation of premises and support costs Premises and support cost (note 7) relating to charitable activities have been apportioned based on floor space occupied by the relevant staff for fundraising and the provision of audio books.

k Cost of raising funds

The cost of generating funds, consists of fundraising and merchandising costs, are detailed at note 6.

l Charitable activities

Costs of our charitable activities, the provision of audio books, are detailed at note 6.

m Pensions Employees of the charity are entitled to join a defined contribution personal group pension plan; a qualifying pension scheme as defined by the Pension Regulator. The employee personal plan is managed by Aviva and the plan invests contributions made by the employee and employer in an investment fund(s) of the employee's choice. The charity has no liability beyond making its contributions The charity contribution is restricted to that disclosed in note 8. The pension costs charged in the Statement of Financial Activities represent the contributions payable by the charity during the year.

n Trustees' expenses and remunerations

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind. Expenses paid to the Trustees are disclosed at note 9.

o Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the term of the lease.

26

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

p Tangible and intangible assets, depreciation and amortisation

Tangible fixed assets are stated at cost less accumulated depreciation and intangible assets are stated at cost less amortisation. Assets are not capitalised below £1,000 per item. Depreciation and amortisation is provided at the following rates in order to write off the cost of the assets over their estimated useful lives:

Freehold buildings 20 years (5%) Software 5 years (20%) Fixtures, fittings and equipment 5 years (20%) Computer equipment 3 years (33.3%)

q Fixed asset investments Investments are initially recognised at their transaction value and subsequently are stated at closing bid prices obtained from The Share Centre valuation statement. The charity does not acquire derivatives, complex financial instruments or put options.

r Realised gains and losses All gains and losses are taken to the Statement of Financial Activities. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains losses are calculated as the difference between their value at the year end and their opening carrying value. Realised and unrealised gains and losses are combined in the statement of Financial Activities.

s Stock

Stock is valued at the lower of cost and selling price less costs to sell.

t Irrecoverable VAT

Irrecoverable VAT has been analysed and apportioned within premises and support costs.

u Critical accounting estimates and areas of judgement The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. There are no judgements made that have significant effect on the amounts recognised in the financial statements.

v Donated services

Donated services are included at the value to the charity where this can be quantified. The value of the service provided by volunteers has not been included in these accounts.

27

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

5 Intangible income and expenditure

2
Donations and legacies
Donations and gifts
Legacies receivable
Donation in kind
3
Investment income
Income from listed investments
Interest receivable
4
Merchandising and other activities
Events
Catalogues
Value of Christmas Merchandising
Value of Player Merchandising		 2020
£
564,626
591,419
9,228		 2019
£
436,866
381,059
-
1,165,274 817,925
2020
£
12,601
154
12,755
2020
£
2,386
2,299
3,191
41,970
49,845		 2019
£
33,665
218
33,883
2019
£
582
1,699
18,050
48,714
69,045

Calibre Audio, together with other charities providing similar services, benefits from the national "Articles for the Blind" postal concession. This is a statutory arrangement operated by the Royal Mail through which material that has been transcribed into alternative reading formats for blind and partially sighted people is carried free of charge.

Costs of generating funds
Fundraising costs
Merchandising costs
Charitable activities
Provision of audio books
Costs of generating funds
Fundraising costs
Merchandising costs
Charitable activities
Provision of audio books		 Staff costs
direct
Other direct
costs
Depreciation
and
Amortisation
direct
Support costs
(note 7)
£
£
£
£
156,446
9,816
-
28,927
-
33,630
-
-
632,920
250,345
8,474
549,618
789,366
293,791
8,474
578,545
Staff costs
direct
Other direct
costs
Depreciation
and
Amortisation
direct
Support costs
(note 7)
£
£
£
£
77,802
6,909
-
17,977
-
51,854
-
-
584,532
210,980
55,979
341,564
662,334
269,743
55,979
359,541		 Total 2020
£
195,189
33,630
1,441,356
1,670,177
Total 2019
£
102,688
51,854
1,193,055
1,347,597

28

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

7
Analysis of premises and support costs
Staff costs
Depreciation
Gas and electricity
Cleaning costs
Insurance
Stationery and printing
Repairs and renewals
Software & Licences
Professional Fees
Recruitment Costs
Other costs		 2020
2019
£
£
200,240
185,927
20,954
25,375
12,323
12,646
9,935
8,804
10,442
9,554
2,830
1,709
29,176
4,410
40,068
26,648
41,556
4,670
18,003
31,766
193,019
48,032
578,545
359,541

Other costs includes expenditure against funds designated by trustees (see note 19).

8
Staff costs
Wages and salaries
Social security costs
Pension costs
Redundancy costs		 2020
2019
£
£
876,665
759,974
64,186
47,697
44,030
40,590
4,725
-
989,606
848,261

During the year ending 31 December 2020 one employee had emoluments over £70,000 and less than £80,000 per annum (2019 - nil). Amounts paid to key management personnel were £330,508 (2019 - £271,128).

The average monthly number of employees employed by the charity during the year was 43 (2019 - 42) which corresponds to 32 full time equivalent employees (2019 -31). They were allocated to each department as follows:

Production
Governance
Fundraising		 2020
2019
£
£
24
26
1
1
7
4
32
31

The work of the charity also benefited from the valuable contribution of 131 volunteers, over a hundred of whom record, review or check the books in their own homes. The other volunteers work at our headquarters, assisting with the copying, checking and reissuing of audiobooks and other administrative duties.

9 Council's remuneration, reimbursed expenses and donations

None of the Council received any remuneration. Expenses reimbursed to Trustees amounted to £167 (2019- £1,318) during the year. This consisted of £107 (2019 - £451) for meeting refreshments and room hire and £60 (2019 - £867 to five trustees) for travel reimbursement to one trustee.

29

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

10
Governance costs
Audit fee
Salaries
Travel and subsistence		 2020
2019
£
£
6,900
6,600
9,583
8,640
167
1,318
16,650
16,558

Salary costs include a proportion of direct staff and support costs (see note 6)

11 Intangible fixed assets

During the year ended 31 December 2019 the decision was made to write off the original download investment as it is clear that the rates of change in mobile platforms require apps to be constantly updated and new versions released. The version of the CAL App available would, by the nature of apps, be obsolete without constant investment and development which is beyond the resources of a charity the size of Calibre.

We have, therefore, decided to commit future app development funds to sourcing and integrating products which are readily available in the market place.

12 Tangible assets

Cost at 1 January 2020
Additions
Disposals
Cost at 31 December 2020
Depreciation at 1 January 2020
Charge for the year
Disposals
Depreciation at 31 December 2020
Net book value as at 31 December 2020
Net book value as at 31 December 2019		 Freehold
property
Production
equipment
Fixtures,
fittings and
equipment
Total
£
£
£
£
562,933
108,304
192,376
863,613
-
1,209
12,075
13,284
-
-
(3,953)
(3,953)
562,933
109,513
200,499
872,945
557,603
73,433
186,435
817,471
849
21,743
6,835
29,428
-
-
(3,953)
(3,953)
558,453
95,176
189,318
842,946
4,480
14,337
11,181
29,998
5,330
34,871
5,941
46,142

30

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

13 Listed Investments

Market Value as at 1 January
Acquisitions at cost
Sales at cost
Gains/(Loss) on sales
Change in value in year
Market value as at 31 December
Historic cost at 31 December
Investments held as at 31 December 2019
IShares Global Equity ETF
iShares Corporate Bond
Barclays SPDR ETF Corporate Bond
Baillie Gifford European Growth Trust (Previously European Investment Trust)
Deutsche Bank Global Bonds Fund
Vanguard FTSE100 Tracker
TR Property Investment Fund
Blackrock World Mining
Investments held as at 31 December 2020
IShares Global Equity ETF
iShares Corporate Bond
Baillie Gifford European Growth Trust (Previously European Investment Trust)
Deutsche Bank Global Bonds Fund
Vanguard FTSE100 Tracker
Blackrock World Mining		 2020
£
1,170,492
-
(722,677)
(48,942)
51,891		 2019
£
1,235,107
-
(230,180)
18,285
147,280
450,764 1,170,492
349,804 990,617
196,020
196,389
138,729
131,173
170,171
163,779
129,681
44,550
1,170,492
100,723
72,135
83,575
53,285
52,505
88,541
450,764

Investments are held primarily to provide an investment return to Calibre.

31

CALIBRE AUDIO
NOTES TO THE ACCOUNTS		 CHARITY NUMBER 286614
YEAR ENDING 31 DECEMBER 2020
14
Stock
Finished goods
Value of stocks sold in year £29,266 (2019 - £33,916).
15
Debtors
Trade debtors
Other debtors
Prepayments and accrued income
All amounts shown under debtors fall due for payment within one year.
16
Creditors: Amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
Taxation and social security
17
Financial Instruments
Financial Assets
Financial assets that are measured at fair value through the SoFA
Financial assets that are debt instruments measured at amortised cost
Financial Liabilities
Financial liabilities measured at amortised cost		 2020
2019
£
£
23,943
11,231
23,943
11,231
2020
2019
£
£
4,091
1,510
523,084
189,174
24,794
30,293
551,968
220,977
2020
2019
£
£
24,934
38,366
7,273
-
14,540
9,610
-
13,817
46,747
61,793
2020
2019
£
£
450,764
1,170,492
8,955
2,892
459,719
1,173,384
32,774
40,744

Financial assets are measured at fair value through the SoFA consist of listed investments,. Financial assets that are debt instruments measured at amortised cost consist of trade and some other debtors.

Financial liabilities measured at amortised cost comprise of trade creditors and some accruals.

32

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

CALIBRE AUDIO NOTES TO THE ACCOUNTS

18 Restricted Funds

Restricted Funds
Fixed Asset Fund
Download Project
New Title Sponsorship
Ulverscroft Grant		 Balance at
1 January
2020
Incoming
resources
Expenditure
Transfer
between
funds
Balance as
December 31
2020
£
£
£
£
£
12,555
-
(5,479)
-
7,076
2,000
-
-
-
2,000
15,300
26,910
(16,800)
-
25,410
2,350
-
(2,350)
-
-
32,205
26,910
(24,629)
-
34,486

The Fixed Asset fund represents the undepreciated balance of funds received for the purchase of specific fixed assets.

15 Trusts and organisations have sponsored the addition of new digital titles to our library in 2020.

Fixed Asset Fund
Download Project
New Title Sponsorship
Ulverscroft Grant		 Balance at
1 January
2019
Incoming
resources
Expenditure
Transfer
between
funds
Balance as
December 31
2019
£
£
£
£
£
18,903
-
(15,998)
9,650
12,555
-
2,000
-
2,000
4,200
28,750
(17,650)
15,300
-
12,000
-
(9,650)
2,350
23,103
42,750
(33,648)
-
32,205

The Fixed Asset fund represents the undepreciated balance of funds received for the purchase of specific fixed assets.

18 Trust and organisations sponsored the addition of new digital titles to our library in 2019.

1 Trust contributed to the download project in 2019.

33

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

19 Designated Funds

Designated Funds
Fixed Asset Fund
Library Management System
Website development
Download Project
Download service support
Business development 2020
Designated funds		 Balance at
1 January
2020
Incoming
resources
Expenditure
Transfer
between
funds
Balance as
December 31
2020
£
£
£
£
£
33,587
-
(23,949)
9,638
1,576
-
(1,576)
-
31,760
-
(31,280)
480
14,880
-
645
15,525
4,800
-
(4,800)
-
200,000
-
(157,262)
42,738
286,603
-
(218,222)
-
68,381

The Fixed Asset fund represents the undepreciated balance of fixed assets, excluding those included in restricted funds, which are held for the ongoing, charitable use of Calibre Audio Library.

The Website Development fund represents the residual value of funds designated to cover the costs of the updating of Calibre's website.

The Download Project fund is designated for the next phase of the download service to our members.

The Business Developemnt fund has been designated to streamline and update Calibre's back office provision, therby providing a more efficient and effective service for members.

Fixed Asset Fund
Library Management System
Website development
Download Project
Download service support
Business development 2020
Designated funds		 Balance at
1 January
2019
Incoming
resources
Expenditure
Transfer
between
funds
Balance as
December 31
2019
£
£
£
£
£
201,865
-
(176,049)
7,771
33,587
18,734
-
(17,158)
-
1,576
52,070
-
(20,310)
-
31,760
30,000
-
(15,120)
-
14,880
33,600
-
(28,800)
-
4,800
-
-
-
200,000
200,000
336,269
-
(257,437)
207,771
286,603

The Fixed Asset fund represents the undepreciated balance of fixed assets, excluding those included in restricted funds, which are held for the ongoing, charitable use of Calibre Audio Library.

The Library Management Fund, established to cover the initial cost of replacing the library management system concluded in 2019 with the end of the third party support contract and licence fee.

Designated funds were agreed to cover the costs of the updating of Calibre's website.

Funds were designated for the next phase of the download service to our members.

£200,000 has been designated to streamline and update Calibre's back office provision, thereby providing . a more efficient and effective service for members.

34

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

20 Analysis of Net Assets between Funds

Restricted funds
Designated funds
General funds		 Fixed Assets
Investments
Net Current
Assets
Fund balances
as 31 December
2020
£
£
£
£
7,076
-
27,410
34,486
9,638
58,743
68,381
13,284
392,021
594,924
1,000,229
29,998
450,764
622,334
1,103,096

Unrealised gain on investments included in unrestricted funds amount to £100,960 (2019 -gains of £179,875).

Restricted funds
Designated funds
General funds		 Fixed Assets
Investments
Net Current
Assets
Fund balances
as 31 December
2019
£
£
£
£
12,555
-
19,650
32,205
33,587
253,016
-
286,603
-
917,476
288,974
1,206,450
46,142
1,170,492
308,624
1,525,258

Unrealised gain on investments included in unrestricted funds amount to £179,875 (2018 - Gains of £40,698).

21 Pensions

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. The amount paid to the fund in the year is £44,030 (2019 - £40,590).

22 Financial Commitments

The operating lease charge for 2020 was £nil (2019 - £4,400). At 31 December 2020 the company was not committed to making any payments under non-cancellable operating leases.

23 Related Party Transactions

There were no related party transactions in the period.

24 Ultimate Controlling Party

The ultimate controlling party is the board of Trustees.

35

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 DECEMBER 2020

25 Statement of Financial Activities by Fund 2019

Notes
INCOME FROM
Donations and Legacies
2
Investments
3
Charitable Activities
Merchandising & Other Activities
4
Other Income
Total Income
EXPENDITURE ON
Raising Funds
Fundraising costs
6
Merchandising costs
Charitable activities
Provision of audio books
6
Exceptional Item
11
Total Expenditure
Net Gains/(Losses) on Investments
Unrealised gains / (losses)
13
in Investment Assets
Realised gains/ (losses)
13
in Investment Assets
Net Income/(Expenditure)
Transfer between funds
18,19
Total
Net movements in funds
18,19
Total funds at 1 January 2019
Total funds 31 December 2019
18,19		 Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
2019
£
£
£
£
775,175
-
42,750
817,925
33,883
33,883
-
69,045
-
-
69,045
17,388
-
-
17,388
895,491
-
42,750
938,241
102,688
-
-
102,688
51,854
-
-
51,854
1,012,663
151,870
28,522
1,193,055
-
105,567
5,126
110,693
1,167,205
257,437
33,648
1,458,290
147,280
-
-
147,280
18,285
-
18,285
-
-
-
-
(106,149)
(257,437)
9,102
(354,484)
(207,771)
207,771
-
-
(313,920)
(49,666)
9,102
(354,484)
Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
2018
(313,920)
(49,666)
9,102
(354,484)
1,520,370
336,269
23,103
1,879,742
1,206,450
286,603
32,205
1,525,258

36