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2024-03-31-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 2024

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) David Stephens (Hon Treasurer) Richard Balkwill Ian Yeoman (resigned April 2023) Sarah Frost (resigned April 2022) John Godber Robert Aldous Fraser Hutchinson Rebecca Gonyora Jack Rigg (appointed October 2023) Dagmara Rochowski (appointed September 2023) Miles Steevens-Hoare (appointed July 2023) Chief Executive Anthony Kemp and Company Secretary Auditors WMT Chartered Accountants 4 Beaconsfield Rd St Albans Hertfordshire AL1 3RD Bankers CAF Bank Limited 25 Metro Bank Kings Hill Avenue One Southampton Row Kings Hill London West Malling WC1B 5HA Kent ME19 4JQ

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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

It is fair to say that 2023 provided yet another year of challenges for all those in the charity sector. Of primary importance of course, is the need to keep providing a relevant, quality service for our members. Continuing to deliver this service against a backdrop of economic, social, global, regional, and local uncertainty required flexible strategies, strong financial management and resilience in the face of adversity.

To be able to state that Calibre has risen to these challenges across the year and if anything, emerged in an even stronger position than 12 months earlier is a tribute to the leadership at the charity, the dedication of everyone who works there, to our volunteers and to the support provided by the board of trustees. A huge thanks goes out to all involved.

We started by conducting a revised member engagement strategy, taking the time to listen to our members and understanding how we can best serve their needs. They will always be our number one priority.

In terms of our staff, we have had a focus on development, with existing employees studying degrees and master’s qualifications in management, cyber security, and digital development through the UK apprenticeship scheme. We have recruited three apprentices; one in audio production, one in editorial, and one in digital marketing.

We continue to closely monitor the financial stability of the charity and work to support the CEO on a variety of short- and long-term solutions.

During this period, we continued to diversify our trustee board, recruiting those with relevant skills in publishing, education, finance and the third sector to provide us with the widest range of skills and experience to support the Calibre CEO, Anthony Kemp, and his team.

Whilst keeping a firm eye on the present and the future, we have also been delving into the past as we celebrate our 50th anniversary in 2024. What has emerged is a story of passion, focus, drive, and an absolute determination to overcome obstacles which has given Calibre life for its first half century and which we intend to maintain as we enter the next phase of our existence. You can read more about it in our newly published book “Calibre Audio the first Chapter.”

It remains for me to thank once again the generosity of members, trusts, foundations, and other donors which ensures our charity enters its second half century with confidence and clarity about its role in society. And to thank all those who work tirelessly on behalf of Calibre to deliver a first-class service to members.

Howard Nead

4[th] July 2024

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- This report covers the 12 month period Aprill 2023 to end of March 2024

Calibre Audio now has over 12,000 active members and over 16,500 books in the collection.

Despite economic uncertainty and inflated costs of living in 2023, as well as pressure on funders, we achieved the following:

Volunteers

In 2023, there were 20 on-site volunteers providing 1960 hours of support. Our on-site volunteers have supported us in a variety of roles over the past year; library (downloading and checking books), Christmas card order process and despatch, 50th anniversary activity admin, editorial support, facilitating and leading book groups, research and author interviews, and data cleansing, posting out newsletters and book information to our members. We have 4 Students working towards their DofE badges and we have supported students who have carried out works experience. 81 volunteer narrators provided 1782 hours, recording 213 new books, and 13 volunteer checkers ensured all the recordings were of the highest quality for our listeners

Finance Commentary

The lingering effects of economic uncertainty were felt throughout 2023 with organisations being disrupted and taking longer to respond. Demand on funders reached an all-time high, making it hard to secure grants. This has put huge pressure on the

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charity’s budget and finances. Recruiting new team members at an affordable salary has become even more difficult with salaries in the sector rising dramatically in 2023 due to demand outstripping supply. Despite those negative factors, Calibre ended the year with a surplus of £143.5k, exceeding the agreed budget. Aims for 2024-25

The Charity's Objects are to enrich the quality of life 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.

2024 is once again likely to be a challenging year with the continuing delays in probate and inheritance tax, and a high demand for trust and foundation funding putting pressure on our finances. Despite this we aim to have a small surplus at the end of the period 23/24.

Aims For 2024/25

Anthony Kemp

Chief Executive

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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 1st August 2023.

The Board of Trustees currently consists of ten members who meet at least quarterly to administer the charity. The Board of Trustees appoint a Chief Executive to manage dayto-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 their suitability for membership of the Board.

All potential Trustees are offered a day visit to Calibre Audio to find out about our service firsthand 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 the first few months in their role.

None of the Trustees has any beneficial interest in the company, nor receives any remuneration.

The Trustees have assessed the major risks to which the charity is exposed, 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.

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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 more than £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.

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 4 key management personnel, including the Chief Executive who are responsible for strategy development, planning, directing, and controlling the 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 participants, bought, or sold lists of personal data or mailing lists from any source. We are pleased to report that registration with the Fundraising 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.

Calibre Audio is registered with the Fundraising Regulator and is committed to following the Fundraising Regulator’s Code of Practice for vulnerable individuals. The standards set within this code outline the behaviour that is expected of fundraisers. In particular the Code states: Fundraisers must take all reasonable steps to treat a donor fairly, enabling them to make an informed decision about any donation. This must include taking into account the needs of any potential donor who may be in a vulnerable circumstance or require additional care and support to make an informed decision.

Fundraisers must not exploit the credulity, lack of knowledge, apparent need for care and support or vulnerable circumstance of any donor at any time.

Calibre Audio’s approach is informed by the Chartered Institute of Fundraising’s ‘Treating Donors Fairly’ guidance.

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Public benefit

The Charities Act 2011 requires all charities to meet the legal requirement that their aims be for the public benefit. Two key principles should be met to demonstrate that an organisation’s aims are for 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 considered the Charity Commission’s guidance on public benefits 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 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.

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 challenging time for charities. We will continue to seek and gain new grants to fund and expand our services. We have implemented new strategies in 2023 to diversify our income streams ensuring we maintain our strong financial position going forward. For the financial year 2023/24 there was an operating surplus of £143.5k, the first 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 £96,267 to a total of £1,431,109 (2023 - £1,334,842). During the year we received donations totalling £612,744 (2023 - £685,069) including £85,498 from our Annual and Christmas appeals (2023 - £165,707). Gift Aid claims amounted to £29,518 (2023 - £58,368). We generated rental income of £29,171 (2023 - £29,432) and subscription income of £45,259 (2023 - £nil) Investment income fell to £4,460 (2023 - £4,930).

Expenditure

Total resources expended decreased to £1,287,480 (2023 - £1,616,972). Our annual expenditure on providing our audio services and digital developments was 83% (2023 - 88%) of our total costs. Calibre Audio had net incoming resources of £143,629 in the year (2023 – £282,130 net outgoing).

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There were net unrealised capital gains on our investment assets of £nil (2023 - £1,491) and realised losses of £180 (2023 – £69,469 realised loss). The net surplus for 2023/24 was £143,449 (2023 - £350,108 deficit) meaning Calibre Audio had sufficient income to meet its operational costs for 2023/24. Total funds as of 31 March 2024 stood at £754,441 (2023 - £610,992).

Reserves policy

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

On 31 March 2024, the level of unrestricted reserves was £588,109 (2023 - £452,590) which is 22 weeks' expenditure based on our 2024/25 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 2024 are £87,429 (2023 - £79,499) which represent the Fixed Asset Restricted Fund £5,146 (2023 - £5,146) and New Title Funds of

£82,283 (2023 – 74,353). Designated funds stand at £78,903 (2023 - £78,903) 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 £100,000 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 in 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 to any particular purpose. It should be noted that

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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 them.

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 Overview

Legacies

Past members continue to support our work through their legacies and in-memory donations. In 2023-24 legacies and in-memory amounted to £694,804 (2022-23 £621,745). Legacy and in-memory income in 2023-24 was 49% of total income (2022-23 47%).

Trusts (including National Lottery)

Calibre Audio is grateful to all the trusts who supported our work so generously during 2023-24, with a total of £325,714 in donations. Notable gifts included: £30,000 from Garfield Weston Foundation, £28,257 from Veterans’ Foundation. Of the total, we received £95,061 in grants from regional trusts, and £24,250 to fund adding new audiobooks to our collection.

Organisations who made grants to Calibre during 2023-24 included:

The 29th of May 1961 Charitable Trust A Sinclair Henderson Trust

The Childwick Trust

The Clare Foundation

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DLM Charitable Trust D.W.T. Cargill Fund The David Gibbons Foundation Edith Murphy Foundation Garfield Weston Foundation The Geoff & Fiona Squire Foundation The Hugh Fraser Foundation John Coates Charitable Trust National Lottery Awards for All England Pilkington Charities’ Fund The Privy Purse Charitable Trust Rectory Foundation The Roger & Douglas Turner Charitable Trust Rothschild Foundation St. James’s Place Charitable Foundation The Souter Charitable Trust Veterans’ Foundation The Zochonis Charitable Trust

Howard Nead Chair Dated: 4[th] July 2024

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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 situation 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. As far as the Trustees are aware:

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

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

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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: 4th July 2024

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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 year ended 31 March 2024 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 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.

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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 and the Charities Accounts (Scotland) Regulations 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.

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

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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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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 and to the charitable company’s Trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and Trustees 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

9 July 2024

……………………………………

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CALIBRE AUDIO

CHARITY NUMBER 286614

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
Unrestricted Designated Restricted Total Total
Funds Funds Funds 2024 2023
Notes £ £ £ £ £
INCOME FROM
Donations and Legacies 2 1,288,946 - - 1,288,946 1,264,244
Investments 3 4,460 - - 4,460 4,930
Charitable Activities
Merchandising & Other Activities 4 327 - - 327 8,332
Other Income 5 137,375 - - 137,375 57,336
Total Income 1,431,109 - - 1,431,109 1,334,842
EXPENDITURE ON
Raising Funds
Fundraising costs 7 218,385 - - 218,385 177,725
Merchandising costs 7 - - - - 11,629
Charitable Activities
Provision of audio books 7 1,069,096 - - 1,069,096 1,427,618
Total Expenditure 1,287,480 - - 1,287,480 1,616,972
Net Gains/(Losses) on Investments
Unrealised gains / (losses)
in Investment Assets 13 - - - - 1,491
Realised gains/ (losses)
in Investment Assets 13 (180) - - (180) (69,469)
Net Income/(Expenditure) 143,449 - - 143,449 (350,108)
Transfer between funds 19,20 (7,930) - 7,930 - -
Total 135,519 - 7,930 143,449 (350,108)
----- End of picture text -----

For analysis of financial activities by fund for 2023 see note 27.

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CALIBRE AUDIO

CHARITY NUMBER 286614

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Net movements in funds
19,20
Total funds at 1 April 2023
Total funds at 31 March 2024
19,20		 Unrestricted
Designated
Restricted
Total
Total
Funds
Funds
Funds
2024
2023
135,519
-
7,930
143,449
(350,108)
452,590
78,903
79,499
610,992
961,100
588,109
78,903
87,429
754,441
610,992

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Gross Income
Total income
Total expenditure from income funds
Net income for the period		 Total 2024
£
1,431,109
1,431,109
(1,287,480)
143,629		 Total 2023
£
1,334,842
1,334,842
(1,616,972)
(282,130)

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

CHARITY NUMBER 286614

BALANCE SHEET AS AT 31 MARCH 2024

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
Non current liabilities
17
Total net assets
Charitable funds
Restricted funds
19
Designated reserve
20
Unrestricted funds
Total funds		 £
£
88,875
-
88,875
-
587,600
380,322
967,922
(102,356)
865,566
(200,000)
754,441
87,429
78,903
588,109
754,441
2024		 £
89,041
23,345
-
294,168
246,127
540,294
(41,688)
79,499
78,903
452,590		 £
112,386
498,607
-
610,992
610,992
2023

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 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: 04/07/2024

David Stephens Hon Treasurer Date: 04/07/2024

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

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CALIBRE AUDIO

CHARITY NUMBER 286614

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

----- Start of picture text -----
2024 2023
£ £
Cash flows from operating activities
Net cash provided by (used in) operating activities (70,744) (234,724)
Cash flows from investing activities
Dividends and interest from investments 4,460 4,930
Purchase of tangible assets (22,684) (32,596)
Sale of investments 23,164 309,617
Purchase of investments - (10,000)
Net cash provided by (used in) investing activities 4,939 271,951
Cash flows from financing activities
Long term loan 200,000 -
Net cash provided by (used in) financing activities 200,000
Change in cash and cash equivalents in the reporting period 134,195 37,227
Cash and cash equivalents at beginning of reporting period 246,127 208,900
Cash and cash equivalents at the end of the reporting period 380,322 246,127
Reconciliation of net movement in funds to net cash inflow from operating activities
2024 2023
£ £
Net income / (expenditure) for the period 143,449 (350,108)
Adjustments:
Depreciation charges 22,850 26,893
Losses / (gains) on investments 180 67,978
Dividends and interest from investments (4,460) (4,930)
Decrease / (increase) in stocks - 6,087
(Increase) / decrease in debtors (293,432) 29,612
(Decrease) / increase in creditors 60,669 (10,256)
Net cash provided by (used in) operating activities (70,744) (234,724)
Analysis of changes in net debt At start of Cash Flows At 31 March
year 2024
Cash 246,127 134,195 380,322
- - -
Cash Equivalents
246,127 134,195 380,322
----- End of picture text -----

25

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

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 limited by guarantee, registered in England & Wales. 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.

26

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

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 19 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 20 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.

27

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

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.

28

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

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
6
Intangible income and expenditure		 2024
£
612,744
676,202
-
1,288,946
2024
£
530
3,930
4,460
2024
£
327
-
-
-
327
2024
£
29,171
108,204
-
137,375		 2023
£
685,069
579,175
-
1,264,244
2023
£
4,517
413
4,930
2023
£
2,273
-
31
6,028
8,332
2023
£
29,432
27,904
-
57,336

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)
£
£
£
£
166,717
20,586
-
31,082
-
-
-
-
436,645
34,658
7,228
590,564
603,362
55,244
7,228
621,647		 Total 2024
£
218,385
-
1,069,096
1,287,480

29

CALIBRE AUDIO

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

NOTES TO THE ACCOUNTS

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
118,509
17,093
-
42,123
Merchandising costs
-
11,629
-
-
Charitable activities
Provision of audio books
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
8
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		 2024
2023
£
£
306,477
389,519
15,623
18,043
12,450
8,466
8,992
10,878
10,689
9,082
9,544
17,165
17,609
31,250
88,571
134,138
89,459
16,409
880
19,499
61,353
188,009
621,647
842,458

Other costs includes expenditure against funds designated by trustees (see note 20).

9
Staff costs
Wages and salaries
Social security costs
Pension costs
Redundancy costs		 2024
2023
£
£
788,916
899,769
65,049
64,211
55,875
58,905
-
27,162
909,839
1,050,048
The number of senior staff whose salary for the period (including taxable benefits in kind but not employer
pension costs) exceeded £60,000 was:
2024
2023
£60,000 - £70,000
1
0
£70,001 - £80,000
0
0
£80,001 - £90,000
1
1

Amounts paid to key management personnel were £291,414 (2023 - £306,413).

The average monthly number of employees employed by the charity during the period was 27 (2023 - 28).

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

30

10 Council's remuneration, reimbursed expenses and donations

None of the Council received any remuneration. Expenses reimbursed to Trustees amounted to £1,589 (2023- £2,393) during the period.

11
Governance costs
Audit fee
Salaries
Travel and subsistence		 2024
2023
£
£
9,230
9,050
7,599
9,662
1,589
2,393
18,418
21,105

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

12 Tangible assets

Cost at 1 April 2023
Additions
Disposals
Cost at 31 March 2024
Depreciation at 1 April 2023
Charge for the period
Disposals
Depreciation at 31 March 2024
Net book value as at 31 March 2024
Net book value as at 31 March 2023		 Freehold
property
Production
equipment
Fixtures, fittings
and equipment
Total
£
£
£
£
580,531
109,513
285,217
975,261
1,200
-
21,484
22,684
-
-
-
-
581,731
109,513
306,701
997,945
560,062
106,147
220,011
886,220
652
2,919
19,279
22,849
-
-
-
560,714
109,066
239,291
909,069
21,018
447
67,412
88,875
20,469
3,366
65,206
89,041

31

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

----- Start of picture text -----
13 Listed Investments
2024 2023
£ £
Market Value as at 1 January 23,345 390,940
Acquisitions at cost - 10,000
Sales at cost (23,164) (309,617)
Gains/(Loss) on sales (180) (69,469)
Change in value in the period - 1,491
Market value as at 31 March 2024 - 23,345
Historic cost at 31 March 2024 - 21,603
Investments held as at 31 March 2023
Vanguard FTSE100 Tracker 23,345
23,345
Investments held as at 31 March 2024
None -
-
----- End of picture text -----

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

32

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

NOTES TO THE ACCOUNTS

CALIBRE AUDIO

----- Start of picture text -----
14 Stock 2024 2023
£ £
- -
Finished goods
- -
Value of stocks sold in period £nil (2023 - £6,028).
15 Debtors 2024 2023
£ £
Trade debtors 2,386 3,706
Other debtors and accrued income 573,808 277,711
Prepayments 11,407 12,751
587,600 294,168
All amounts shown under debtors fall due for payment within one year.
16 Creditors: Amounts falling due within one year 2024 2023
£ £
Trade creditors 39,309 6,875
Other creditors 8,632 5,095
Accruals 17,235 14,610
Taxation and social security 37,180 15,108
102,356 41,688
17 Creditors: Amounts falling due beyond one year 2024 2023
£ £
Bank loan 200,000 -
200,000 -
The loan was to support cash flow requirements and is unsecured with a term of 48 months.
18 Financial Instruments 2024 2023
£ £
Financial Assets
Financial assets that are measured at fair value through the SoFA - 23,345
Financial assets that are debt instruments measured at amortised cost 2,386 3,706
2,386 27,051
Financial Liabilities
Financial liabilities measured at amortised cost 39,309 6,875
----- End of picture text -----

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 debtors. Financial liabilities measured at amortised cost comprise of trade creditors.

33

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

19 Restricted Funds

Fixed Asset Fund
New Title Sponsorship		 Balance at
1 April 2023
Incoming
resources
Expenditure
Transfer between
funds
Balance as March 31
2024
£
£
£
£
£
5,146
-
-
-
5,146
74,353
-
-
7,930
82,283
79,499
-
-
7,930
87,429

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

Fixed Asset Fund
New Title Sponsorship		 Balance at
1 January
2022
Restated
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 2024 (2023 - 24).

34

CALIBRE AUDIO NOTES TO THE ACCOUNTS

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

20 Designated Funds

Fixed Asset Fund
Designated funds		 Balance at
1 April 2023
Incoming
resources
Expenditure
Transfer between
funds
Balance as March 31
2024
£
£
£
£
£
78,903
-
-
-
78,903
78,903
-
-
-
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
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.

35

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

NOTES TO THE ACCOUNTS

CALIBRE AUDIO

21 Analysis of Net Assets between Funds

Restricted funds
Designated funds
General funds		 Fixed Assets
Investments
Non-Current
Liabilities
Net Current
Assets
Fund balances as 31
March 2024
£
£
£
£
£
5,146
-
-
82,283
87,429
78,903
-
-
-
78,903
4,826
-
(200,000)
783,283
588,109
88,875
-
(200,000)
865,566
754,441

Unrealised gain on investments included in unrestricted funds amount to £nil (2023 - gains of £1,491).

Restricted funds
Designated funds
General funds		 Fixed Assets
Investments
Non-Current
Liabilities
Net Current
Assets
Fund balances as 31
March 2023
£
£
£
£
£
5,146
-
-
74,353
79,499
78,903
-
-
-
78,903
4,991
23,345
-
424,254
452,590
89,040
23,345
-
498,607
610,992

Unrealised gain on investments included in unrestricted funds amount to £1,491 (2021 - gains of £18,673).

22 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 £55,875 (2023 - £58,905). Pension contributions outstanding at the balance sheet date are £nil (2023 - £nil).

23 Financial Commitments

The operating lease charge for 2023/24 was £18,909 (2023 - £50,436). At 31 March 2024 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		 2024
2023
£
£
626
18,909
-
626
626
19,536

24 Contingent assets

The contingent asset disclosed in the prior year statutory accounts pertaining to legacy income has been derecognised this year as it is no longer expected to be received.

25 Related Party Transactions

There were no related party transactions in the period.

26 Ultimate Controlling Party

The ultimate controlling party is the board of Trustees.

36

CALIBRE AUDIO

CHARITY NUMBER 286614 YEAR ENDING 31 MARCH 2024

NOTES TO THE ACCOUNTS

----- Start of picture text -----
27 Statement of Financial Activities by Fund 2023
Restated Restated
Unrestricted Designated Restricted Total
Funds Funds Funds 2023
Notes £ £ £ £
INCOME FROM
Donations and Legacies 2 1,264,244 - - 1,264,244
Investments 3 4,930 - - 4,930
Charitable Activities
Merchandising & Other Activities 4 8,332 - - 8,332
Other Income 57,336 - - 57,336
Total Income 1,334,842 - - 1,334,842
EXPENDITURE ON
Raising Funds
Fundraising costs 7 177,725 - - 177,725
Merchandising costs 11,629 - - 11,629
Charitable activities
Provision of audio books 7 1,427,618 - - 1,427,618
Total Expenditure 1,616,972 - - 1,616,972
Net Gains/(Losses) on Investments
Unrealised gains / (losses) 13 1,491 - - 1,491
in Investment Assets
Realised gains/ (losses) 13 (69,469) - (69,469)
in Investment Assets - - - -
Net Income/(Expenditure) (350,108) - - (350,108)
Transfer between funds 19,20 25,388 712 (26,100) -
Total (324,720) 712 (26,100) (350,108)
Unrestricted Designated Restricted Total
Funds Funds Funds 2023
Net movements in funds 19,20 (324,720) 712 (26,100) (350,108)
Total funds at 1 January 2022 777,310 78,191 105,599 961,100
Total funds 31 March 2023 19,20 452,590 78,903 79,499 610,992
----- End of picture text -----

37