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2023-03-31-accounts

Company no: 01701585 (England and Wales) Charity no: 286614 OSCR no: SC051461

CALIBRE AUDIO (A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS

PERIOD ENDING 31 MARCH 2023

Contents Page
Legal and administrative information 3
From our Chair 5
Main Achievements in 2022-3 6
Volunteers 6
Aims for 2023-4 8
The Trustees’ report for 2022-3
Objects of Calibre Audio 10
Governance and management 10
Conflicts of interest 11
Risk management 11
Social investment and grant making 11
Remuneration policy for Trustees and senior staff 12
Fundraising statement 13
Public benefit 13
Financial review
Overview 15
Income 15
Expenditure 15
Reserves policy 16
Investments 16
Fundraising 17
The Trustees’ statement of responsibilities 18
Independent auditor’s report to the members of Calibre Audio 20
Statement of financial activities
Summary income and expenditure account
Balance sheet
Statement of cash flows
Notes to the financial statements

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 England & Wales 286614 Scotland SC051461
Trustees Howard Nead (Chair from 1st January 2023)
David Stephens (Hon Treasurer)
Richard Balkwill (Chair till 31stDecember 2022)
John Godber
Robert Aldous
Fraser Hutchinson
Rebecca Gonyora (appointed January 2023)
Anne Bolton (resigned August 2022)
Sarah Frost (resigned April 2023)
Diana LeClercq (resigned October 2022)
Ian Yeoman (resigned April 2023)
Chief Executive Anthony Kemp
and Company Secretary
Auditors WMT Chartered Accountants
4 Beaconsfield Rd
St Albans
Hertfordshire
AL1 3RD
Bankers CAF Bank Limited Metro Bank
25 Kings Hill Avenue One Southampton Row
Kings Hill London
West Malling WC1B 5HA
Kent
ME19 4JQ

3

Legal and administrative information

Investment services Interactive Investor Exchange Court Duncombe Street Leeds LS1 4AX Patrons Dame Judi Dench Contact details Telephone 01296 432339 Email enquiries@calibre.org.uk Website http://www.calibreaudio.org.uk/

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From our Chair

Recent years have presented challenges that could have not been foreseen, and the last 15 months was certainly no different. It is a tribute to the leadership, staff and volunteers at Calibre Audio that 2022 was another positive year, with progress made towards our long-term goals of financial sustainability, increasing the number and diversity of our membership, forging new strategic partnerships with publishers and broadening the range and appeal of our services to members.

The fact that we have been able to meet and exceed many of our targets amid continuing economic challenges created by the COVID-19 pandemic, the cost of living crisis and national and international instability, is due to the dedication of everyone associated with the charity. Our members have continued to benefit from our service despite these stressful times, and on their behalf, I would like to express thanks and appreciation for this commitment to excellence.

As we work towards our 50th anniversary in 2024, we will continue to increase our financial sustainability through commercial maximisation of our underutilised property resources. Growing both the number and diversity of our members also remains a priority, and we are establishing a youth board to help support the services we offer younger members from different racial, social and economic backgrounds. We will continue to extend the diversity and range of the books and narrators in our collection and aim to increase social media engagement with all audiences.

The generosity of members, trusts, foundations and other donors ensures our service remains available to those who need it most. We receive no statutory funding and are supremely grateful to all those who give so generously to Calibre Audio – whether financially, or by giving up their time as volunteers. Our aim is to continue to deliver an excellent service for our members, and we are confident that, thanks to this generosity, that goal remains achievable.

Lastly, on behalf of the Trustees, I wish to express sincere thanks to my predecessor, Richard Balkwill, who served as Chair of Trustees from 2017 to the end of 2022. Richard’s wisdom, knowledge and expertise have proved extremely valuable to Calibre Audio over many years and we are delighted that he is remaining a Trustee.

Howard Nead 21[st] September 2023

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Main Achievements in 2022/23

This report covers a 15-month period as we moved our accounting period year end from December 31[st] to March 31[st] . Hence this report and the finances cover the period from 1[st] January 2022 to 31[st] March 2023.

Calibre Audio now has over 17,000 Active members and over 15,000 books in the collection.

During 2022 despite the aftermath of the COVID 19 pandemic and the cost of living crisis, we achieved the following:

Volunteers

Our 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 2022, there were 14 volunteers downloading books to memory sticks, posting out newsletters and book information, both recorded and printed, to our members.

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70 volunteer narrators recorded 299 new books and 18 volunteer checkers ensured that all the recordings were of the highest quality for our listeners.

Finance Commentary

The lingering effects of the COVID pandemic. were felt throughout most of 2022 with organisations still being disrupted and taking longer to respond. The financial crisis and resultant economic instability has led to investments performing badly. This, coupled with soaring inflation and the cost-of-living crisis, has put huge pressure on the charity’s budgets and finances. Alongside this, recruiting new team members at an affordable salary has become even more difficult with salaries in the sector rising dramatically in 2022 due to demand outstripping supply.

Despite these factors we have continued to invest in our services and transformation programme as well as restructuring a number of our teams to allow us to position ourselves for the future to achieve long-term financial sustainability. This includes reviewing our property assets and putting in place a plan to maximise revenue from the assets in the medium and long-term.

As a result of taking the decision to build for the long-term, we had a period of six months at the beginning of 2022 when our fundraising capacity was severely reduced as we recruited in new leadership.

This meant we were unable to submit any large funding bids in the first six months of the year which led to an underachievement in the income budget for 2022/3. This was mitigated to some extent by a reduction in operating costs of £83,000 per annum which was achieved as a consequence of the transformation work. Continuing delays in both probate and inheritance tax clearances have affected our legacies programme with it underperforming for the first time.

We were also subject to a finance fraud scam in December 2022 where fraudulent payment requests and invoices were submitted. We have introduced new procedures to mitigate any future scam attempts. Fortunately, this did not result in any financial loss to the charity.

Due to the poor performance of the markets and the need to support short term cash flow we liquidated, our investment portfolio. With a view to building a new one when the markets improve and when we release capital from the part estate sale.

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Aims for 2023-4

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 audio books and content, and to raise awareness of related issues affecting such people.

2023 is once again likely to be a challenging year with high inflation and an uncertain financial climate. This together with the continuing delays in probate and inheritance tax, and a high demand on trust and foundation funding, will put pressure on our finances. Despite this we aim to have a small surplus at the end of the period 23/24.

For 2023 / 24

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Anthony Kemp Chief Executive

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The Trustees Report

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 audiobooks and content, and to raise awareness of related issues affecting such people.

Audiobooks are currently available on My Calibre, Dolphin Easyreader, the Libby app, and on memory sticks.

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 9th February 2021.

The Board of Trustees currently consists of ten members who meet at least quarterly to administer the charity. The Board of Trustees 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 Audio 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 visit to Calibre Audio 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.

10

The Trustees report

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 well supported by grant making Trusts and Foundations, member donations and legacies which, due to uncertainty, are a financial risk. The risk is managed through the finance sub-committee 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.

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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 10 to the accounts.

There are five 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 considered when reviewing remuneration.

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The Trustees report

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 Audio has never carried out any of the intrusive 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. We are pleased to report that registration with the Fundrasing 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 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 During the period.

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

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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 abroad 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.

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The Trustees report

Financial review

Overview

It is thanks to the financial support of our members and grant making Trusts and Foundations that we can continue to expand our services during a difficult time for charities. We will continue to seek and gain new grants to fund and expand our services. We have implemented new strategies in 2022 to diversify our income streams ensuring we maintain our strong financial position going forward. For the Financial year 2023/24 there is a planned operating surplus of £140K the first one in over five years. The Charity will continue to invest in its services and respond to members’ requests for new services.

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

Recognised income increased by £860 to a total of £1,334,842 (2021 - £1,333,982). During the year we received donations totalling £685,069 (2021 - £669,622) including £165,707 from our Annual and Christmas appeals (2020 - £145,379). Gift Aid claimed amounted to £58,368 (2021 - £41,362) and we generated £8,332 from the sale of merchandise and other activities (2021 - £48,485). Investment income fell to £4,930 (2021 - £5,086).

Expenditure

Total resources expended increased to £1,616,972 (2021 - £1,496,507). Our annual expenditure spent on providing our audio services and digital developments was 88% (2021 - 83%) of our total costs. Calibre Audio had net outgoing resources of £282,130 in the year (2021 – £162,525net outgoing).

There was a net unrealised capital gain in our investment assets of £1,491 (2021 - £18,673) and a realised loss of £69,469 (2021 – £1,857 gain). The net deficit for

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2022/3 was £350,108 (2021 - £141,995 deficit) meaning Calibre Audio drew on its reserves to meet its operational costs for 2023. Total funds as of 31 March 2023 stood at £610,992 (2021 - £961,101).

Reserves policy

The Board of Trustees considers it prudent to maintain a sum equivalent of six to nine 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 Audio exclude restricted and designated funds.

At 31 March 2023, the level of unrestricted reserves was £452,590 (2021 - £777,311) which is 18 weeks expenditure based on our 2022/23 budget. The Trustees have agreed a three year (2023 to 2026) financial plan with the aim of increasing reserves to within the target range of the reserves policy.

The value of the Restricted funds as of 31 March 2023 are £79,499 (2021 - £105,599) which represent the Fixed Asset Restricted Fund £5,146 and New Title Funds of £74,353.

Designated funds stand at £78,903 (2021 - £78,191) which consists of tangible fixed assets including library equipment, photocopiers, office furniture, software and building infrastructure.

Investments

The Charity’s policy is to invest reserves in a diversified portfolio of assets managed internally via an account with Interactive Investor. Our investment policy for sums over £50,000 is to hold 30%-65% in equities; 40%-70% in government stocks and bonds; and up to 25% in other investments. The actual value and funds for the period are detailed at note13.

The investment policy is reviewed annually and the Trustees, at the quarterly meetings, review 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 finance subcommittee comprising 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

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Trustees.

The Trustees also consider Calibre Audio’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 a risk.

Fundraising

Legacies

Past members continue to support our work through their legacies and In-Memoriam. In 2022-23 legacies and In-Memoriam amounted to £621,745 (2021 - £612,123). Legacy and In-Memoriam income in 2022-223 was 47% of total income (2021 - 46%)

Trusts (including National Lottery)

Calibre Audio is very grateful to 98 trusts who supported our work so generously, during the period with a total of £181,227 in donations. Notable gifts included: £10,000 from the Rothschild Foundation, £15,000 from the Childwick Trust, and £9,657 from National Lottery Awards for All England.

Of the total, we received £100,061 from 59 regional grants, and £25,750 from 17 grants to fund new audiobooks.

Organisations who granted funding during 2022-23 included:

The 29th May 1961 Charitable Trust A Sinclair Henderson Trust The Childwick Trust The Clare Milne Trust DLM Charitable Trust D.W.T. Cargill Fund The David Gibbons Foundation Edith Murphy Foundation The Eveson Trust The Hospital Saturday Fund The Hugh Fraser Foundation Inman Charity Trustees Limited National Lottery Awards for All England The Norman Family Charitable Trust The Privy Purse Charitable Trust Rectory Foundation The Roger & Douglas Turner Charitable Trust Rothschild Foundation The St. James’s Place Charitable Foundation The Souter Charitable Trust The Turtleton Charitable Trust The Zochonis Charitable Trust

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Howard Nead Chair Dated: 21[st] September 2023

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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.

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

David Stephens Hon Treasurer Dated: 21[st] September 2023

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Independent auditor’s report to the members of Calibre Audio

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CALIBRE AUDIO

Opinion

We have audited the financial statements of Calibre Audio (the ‘charitable company’) for the period ended 31 March 2023 which comprise the Statement of Financial Activities (including the income and expenditure account), the Balance Sheet, the Statement of Cashflows 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

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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.

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 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 :

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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.

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

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:

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• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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.

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 Wicks (Senior Statutory Auditor)

For and on behalf of WMT – Chartered Accountants Statutory Auditors 4 Beaconsfield Rd St Albans Hertfordshire AL1 3RD

26 September 2023

……………………………………

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CALIBRE AUDIO

CHARITY NUMBER 286614

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2023

Notes
INCOME FROM
Donations and Legacies
2
Investments
3
Charitable Activities
Merchandising & Other Activities
4
Other Income
5
Total Income
EXPENDITURE ON
Raising Funds
Fundraising costs
7
Merchandising costs
7
Charitable Activities
Provision of audio books
7
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
2023
2021
£
£
£
£
£
1,264,244
-
-
1,264,244
1,257,308
4,930
-
-
4,930
5,086
8,332
-
-
8,332
48,485
57,336
-
-
57,336
23,103
1,334,842
-
-
1,334,842
1,333,982
177,725
-
-
177,725
212,143
11,629
-
-
11,629
40,680
1,427,618
-
-
1,427,618
1,243,684
1,616,972
-
-
1,616,972
1,496,507
1,491
-
-
1,491
18,673
(69,469)
-
-
(69,469)
1,857
(350,108)
-
-
(350,108)
(141,995)
25,388
712
(26,100)
-
-
(324,720)
712
(26,100)
(350,108)
(141,995)

For analysis of financial activities by fund for 2023 see note 26.

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CALIBRE AUDIO

CHARITY NUMBER 286614

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2023

Net movements in funds
18,19
Total funds at 1 January 2022
Total funds at 31 March 2023
18,19		 Unrestricted
Designated
Restricted
Total
Total
Funds
Funds
Funds
2023
2021
(324,720)
712
(26,100)
(350,108)
(141,995)
777,310
78,191
105,599
961,100
1,103,094
452,590
78,903
79,499
610,992
961,100

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH 2023

Gross Income
Total income
Total expenditure from income funds
Net income for the period		 Total 2023
£
1,334,842
1,334,842
(1,616,972)
(282,130)		 Total 2021
£
1,333,982
1,333,982
(1,496,507)
(162,525)

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 period on all funds of the charity.

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CALIBRE AUDIO BALANCE SHEET AS AT 31 MARCH 2023

CHARITY NUMBER 286614

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
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due within one year
Net current assets
Total net assets
Charitable funds
Restricted funds
18
Designated reserve
19
Unrestricted funds
Total funds		 £
£
89,041
23,345
112,386
-
294,168
246,127
540,294
(41,688)
498,607
610,992
79,499
78,903
452,590
610,992
2023		 £
£
83,337
390,940
474,277
6,087
323,780
208,900
538,767
(51,942)
486,825
961,102
105,599
78,191
777,312
961,102
2021		 £
£
83,337
390,940
474,277
6,087
323,780
208,900
538,767
(51,942)
486,825
961,102
105,599
78,191
777,312
961,102
2021
-
294,168
246,127
540,294
(41,688)
79,499
78,903
452,590
961,102
961,102

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 Board of Trustees on 21st September 2023 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.

Howard Nead Chair Date: 21/09/2023

David Stephens Hon Treasurer Date: 21/09/2023

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

23

CALIBRE AUDIO STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2023

CHARITY NUMBER 286614

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
Purchase 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		 2023
2021
£
£
(234,724)
100,010
4,930
5,086
(32,596)
(69,720)
309,617
130,178
(10,000)
(49,824)
271,951
15,720
37,227
115,730
208,900
93,170
246,127
208,900
Net income / (expenditure) for the period
Adjustments:
Depreciation charges
Losses / (gains) on investments
Dividends and interest from investments
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
Cash
Cash Equivalents		 At start of
year
208,900
-		 2023
£
(350,108)		 2021
£
(141,995)
26,893
67,978
(4,930)
6,087
29,612
(10,256)		 16,381
(20,529)
(5,086)
17,856
228,188
5,195
(234,724) 100,010
Cash Flows
37,227
-
37,227		 At 31 March
2023
246,127
-
208,900 246,127

24

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 PERIOD ENDING 31 MARCH 2023

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 PERIOD ENDING 31 MARCH 2023

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 costs (note 8) 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 7. l Charitable activities Costs of our charitable activities, the provision of audio books, are detailed at note 7. 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 9. 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 10. 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 PERIOD ENDING 31 MARCH 2023

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 Interactive Investor valuation statement. The charity does not acquire derivatives, complex financial instruments or put/call 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 PERIOD ENDING 31 MARCH 2023

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
5
Other income
Rental income
Miscellaneous income
Sponsored titles		 2023
£
685,069
579,175
-		 2021
£
669,622
587,686
-
1,264,244 1,257,308
2023
£
4,517
413
4,930
2023
£
2,273
-
31
6,028
8,332
2023
£
29,432
27,904
-
57,336		 2021
£
5,069
17
5,086
2021
£
30
1,249
6,048
41,158
48,485
2021
£
6,189
8,614
8,300
23,103

6 Intangible income and expenditure

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.

7 Analysis of resources expended

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 8)
£
£
£
£
118,509
17,093
-
42,123
-
11,629
-
-
542,020
76,413
8,850
800,335
660,529
105,135
8,850
842,458		 Total 2023
£
177,725
11,629
1,427,618
1,616,972

28

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 PERIOD ENDING 31 MARCH 2023

7
Analysis of resources expended (cont)
Staff costs
direct
Other direct
costs
Depreciation
and
Amortisation
direct
Support costs
(note 8)
£
£
£
£
Costs of generating funds
Fundraising costs
169,362
11,955
-
30,826
Merchandising costs
-
40,680
-
-
Charitable activities
Provision of audio books
512,048
140,645
5,296
585,695
681,410
193,280
5,296
616,521
8
Analysis of premises and support costs
2023
£
Staff costs
389,519
Depreciation
18,043
Gas and electricity
8,466
Cleaning costs
10,878
Insurance
9,082
Stationery and printing
17,165
Repairs and renewals
31,250
Software & Licences
134,138
Professional Fees
16,409
Recruitment Costs
19,499
Other costs
188,009
842,458		 7
Analysis of resources expended (cont)
Staff costs
direct
Other direct
costs
Depreciation
and
Amortisation
direct
Support costs
(note 8)
£
£
£
£
Costs of generating funds
Fundraising costs
169,362
11,955
-
30,826
Merchandising costs
-
40,680
-
-
Charitable activities
Provision of audio books
512,048
140,645
5,296
585,695
681,410
193,280
5,296
616,521
8
Analysis of premises and support costs
2023
£
Staff costs
389,519
Depreciation
18,043
Gas and electricity
8,466
Cleaning costs
10,878
Insurance
9,082
Stationery and printing
17,165
Repairs and renewals
31,250
Software & Licences
134,138
Professional Fees
16,409
Recruitment Costs
19,499
Other costs
188,009
842,458		 Total 2021
£
212,143
40,680
1,243,684
1,496,507
2021
£
277,736
16,381
10,912
7,771
8,962
1,334
33,014
75,525
24,056
-
160,830
842,458 616,521

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

9 Staff costs 2023 2021
£ £
Wages and salaries 899,769 845,256
Social security costs 64,211 66,163
Pension costs 58,905 47,727
Redundancy costs 27,162 -
1,050,048 959,146
The number of senior staff whose salary for the period (including taxable benefits in kind but not employer
pension costs) exceeded £60,000 was:
2023 2021
£70,001-£80,000 0 1
£80,000 - £100,000 1
 -

Amounts paid to key management personnel were £306,413 (2021 - £314,178).

The average monthly number of employees employed by the charity during the period was 28 (2021 - 40) which corresponds to 14 full time equivalent employees (2021 -30). They were allocated to each department as follows:

CALIBRE AUDIO
NOTES TO THE ACCOUNTS		 CHARITY NUMBER 286614
PERIOD ENDING 31 MARCH 2023
Production
Governance
Fundraising		 2023
2021
9
22
2
1
3
7
14
30

The work of the charity also benefited from the valuable contribution of 1,624 volunteer hours donated via on-site library volunteers, off-site narrators and checkers and Bucks Intern Support

10 Council's remuneration, reimbursed expenses and donations

29

None of the Council received any remuneration. Expenses reimbursed to Trustees amounted to £2,393 (2021- £801) during the period. This includes £229 (2021 - £477) for meeting refreshments and room hire

11

Governance costs
Audit fee
Salaries
Travel and subsistence		 2023
2021
£
£
9,050
9,050
9,662
8,978
2,393
801
21,105
18,829

Salary costs include a proportion of direct staff and support costs (see note 7)

12 Tangible assets

Tangible assets
Cost at 1 January 2022
Additions
Disposals
Cost at 31 March 2023
Depreciation at 1 January 2022
Charge for the period
Disposals
Depreciation at 31 March 2023
Net book value as at 31 March 2023
Net book value as at 31 December 2021		 Freehold
property
Production
equipment
Fixtures, fittings
and equipment
Total
£
£
£
£
569,183
109,513
263,969
942,665
11,348
-
21,248
32,596
-
-
-
-
580,531
109,513
285,217
975,261
559,304
102,287
197,737
859,328
758
3,860
22,274
26,892
-
-
-
560,062
106,147
220,011
886,220
20,469
3,366
65,206
89,041
9,879
7,226
66,232
83,337

30

CALIBRE AUDIO
NOTES TO THE ACCOUNTS		 CHARITY NUMBER 286614
PERIOD ENDING 31 MARCH 2023		 CHARITY NUMBER 286614
PERIOD ENDING 31 MARCH 2023
13
Listed Investments
Market Value as at 1 January
Acquisitions at cost
Sales at cost
Gains/(Loss) on sales
Change in value in the period
Market value as at 31 March 2023
Historic cost at 31 March 2023
Investments held as at 31 December 2021
IShares Global Equity ETF
iShares Corporate Bond
Baillie Gifford European Growth Trust (Previously European Investment Trust)
Deutsche Bank Global Bonds Fund
Vanguard FTSE100 Tracker
Barclays Corporate Bond
Investments held as at 31 March 2023
Vanguard FTSE100 Tracker		 2023
£
390,940
10,000
(309,617)
(69,469)
1,491		 2021
£
450,764
49,825
(130,178)
1,857
18,672
23,345 390,940
21,603 303,875
77,192
52,776
66,018
50,750
93,788
50,416
390,940
23,345
23,345

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

31

CALIBRE AUDIO
NOTES TO THE ACCOUNTS		 CHARITY NUMBER 286614
PERIOD ENDING 31 MARCH 2023
14
Stock
Finished goods
Value of stocks sold in period £6,028 (2021 - £35,118).
15
Debtors
Trade debtors
Other debtors and accrued income
Prepayments
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
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		 2023
2021
£
£
-
6,087
-
6,087
2023
2021
£
£
3,706
1,274
277,711
295,695
12,751
26,811
294,168
323,780
2023
2021
£
£
6,875
15,122
5,095
4,342
14,610
16,468
15,108
16,010
41,688
51,942
2023
2021
£
£
23,345
390,940
3,706
2,720
27,051
393,660
6,875
23,340

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 PERIOD ENDING 31 MARCH 2023

CALIBRE AUDIO NOTES TO THE ACCOUNTS

18 Restricted Funds

Restricted Funds
Fixed Asset Fund
New Title Sponsorship		 Restated
Balance at
1 January
2022
Incoming
resources
Expenditure
Transfer between
funds
Balance as March 31
2023
£
£
£
£
£
5,146
-
-
-
5,146
100,453
-
-
(26,100)
74,353
105,599
-
-
(26,100)
79,499

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

18 Trusts and organisations have sponsored the addition of new digital titles to our library in 2023.

Fixed Asset Fund
Download Project
New Title Sponsorship		 Balance at
1 January
2021
Restated
Incoming
resources
Expenditure
Transfer between
funds
Balance as December
31 2021
£
£
£
£
£
7,076
-
-
(1,930)
5,146
2,000
-
(2,000)
-
-
95,410
64,503
(59,460)
-
100,453
104,486
64,503
(61,460)
(1,930)
105,599

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

24 Trusts and organisations have sponsored the addition of new digital titles to our library in 2023.

33

CHARITY NUMBER 286614 PERIOD ENDING 31 MARCH 2023

CALIBRE AUDIO NOTES TO THE ACCOUNTS

19
Designated Funds
Fixed Asset Fund
Designated funds		 Balance at
1 January
2022
Incoming
resources
Expenditure
Transfer between
funds
Balance as March 31
2023
£
£
£
£
£
78,191
-
-
712
78,903
78,191
-
-
712
78,903

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.

Fixed Asset Fund
Website development
Download Project
Business development 2020
Designated funds		 Balance at
1 January
2021
Incoming
resources
Expenditure
Transfer between
funds
Balance as December
31 2021
£
£
£
£
£
9,638
-
(14,451)
83,004
78,191
480
-
-
(480)
-
15,525
-
-
(15,525)
-
42,738
-
(21,596)
(21,142)
-
68,381
-
(36,047)
45,857
78,191

Designated funds relating to Website development, Download project and Business Redevelopment have been transferred to general funds as the charity anticipate no immediate further activity in these areas.

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.

34

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 PERIOD ENDING 31 MARCH 2023

20 Analysis of Net Assets between Funds

Fixed Assets Investments
Net Current
 Fund balances as 31
Assets March 2023
£ £ £ £
Restricted funds 5,146 - 74,353 79,499
Designated funds 78,903 - - 78,903
General funds 4,991 23,345 424,254 452,590
89,041 23,345 498,607 610,992
Unrealised gain on investments included in unrestricted funds amount to £1,491 (2021 - gains of £18,673).
Fixed Assets Investments
Net Current
 Fund balances as 31
Assets December 2021
£ £ £ £
Restricted funds 5,146 - 100,453 105,599
Designated funds 78,191 - - 78,191
General funds - 390,940 386,372 777,312
83,337 390,940 486,825 961,102

Unrealised gain on investments included in unrestricted funds amount to £18,673 (2020 -gains of £100,960).

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 period is £58,905 (2021 - £47,727).

22 Financial Commitments

The operating lease charge for 2022/23 was £50,436 (2021 - £38,281). At 31 March 2023 the charity's minimum commitments over the life of non-cancellable operating leases were as follows:

Expiring within one year
Expiring within two to five years
Total		 2023
2021
£
£
18,909
40,349
626
29,623
19,536
69,972

23 Contingent assets

Due to challenges one legacy accrued in 2020 can no longer be reliably measured and so no longer meets the criteria for recognition. The charity is still pursuing these opportunities and is hopeful of a favourable outcome. The range of the receipt will be between £2,300 and £40,000.

24 Related Party Transactions

There were no related party transactions in the period.

25 Ultimate Controlling Party

The ultimate controlling party is the board of Trustees.

35

CHARITY NUMBER 286614 PERIOD ENDING 31 MARCH 2023

CALIBRE AUDIO

NOTES TO THE ACCOUNTS

26 Statement of Financial Activities by Fund 2023

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
7
Merchandising costs
Charitable activities
Provision of audio books
7
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 2021
Total funds 31 December 2021
18,19		 Restated
Restated
Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
2021
£
£
£
£
1,192,805
-
64,503
1,257,308
5,086
-
-
5,086
48,485
-
-
48,485
23,103
-
-
23,103
1,269,479
-
64,503
1,333,982
212,143
-
-
212,143
40,680
-
-
40,680
1,146,177
36,047
61,460
1,243,684
1,399,000
36,047
61,460
1,496,507
18,673
-
-
18,673
1,857
-
1,857
-
-
-
-
(108,991)
(36,047)
3,043
(141,995)
(43,927)
45,857
(1,930)
-
(152,918)
9,810
1,113
(141,995)
Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
2021
(152,918)
9,810
1,113
(141,995)
930,229
68,381
104,486
1,103,096
777,311
78,191
105,599
961,101

36