Charity number: 293825
Company number: 01978864
(England and Wales)
RADIO ACADEMY (THE)
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 December 2020
RADIO ACADEMY (THE) Contents Page For the year ended 31 December 2020
| Report of the Trustees | 1 to 3 |
|---|---|
| Independent Examiner's Report to the Trustees | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7 to 11 |
| Detailed Statement of Financial Activities | 12 to 13 |
12 to 13
RADIO ACADEMY (THE)
Report of the Trustees
For the year ended 31 December 2020
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 31 December 2020. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The charity operates for the encouragement, recognition and promotion of excellence in all aspects of radio broadcasting and audio production in the UK, in order to maximise the potential of educational benefits this may bring.
Statement on public benefit
The trustees have considered the Charity Commission’s guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
ACHIEVEMENTS AND PERFORMANCE
In March 2020 we held a hugely successful Audio & Radio Industry Awards at The London Palladium, with 900+ entries. For the remainder of the year, we worked to respond to the Coronavirus pandemic and its effects on the UK radio and audio sector, including adapting a number of our annual schemes to fit within government public health guidelines. We launched the Audio & Radio Emergency Fund to distribute small grants to freelance practitioners whose work stopped abruptly under pandemic restrictions. We converted the annual Radio Academy Festival from an in-person event scheduled for May to a virtual event held in November, attracting 600 registered delegates. We had record applications for our 30 Under 30 scheme, with successful recipients honoured online. We started work towards a virtual Women In Radio & Audio conference for March 2021, and a hybrid version of the Audio & Radio Industry Awards for May 2021.
FINANCIAL REVIEW
A total surplus of £38,951 has been reported in the year 31st December 2020 (2019 surplus £37,981). The review of the post year-end financial results of the charity indicates that sufficient level of subscription income has been received to enable the charity to meet obligations and to continue its activities. The Trustees are in discussion regarding the long-term strategy and plans for the charity and as such there is currently no formal reserves policy.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Radio Academy is a charitable company. the charity was registered on 10th March 1896, charity number: 293825, and the company was incorporated on 16 January 1986, number: 01975564. The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association on 16 January 1986 as amended by Special Resolutions dated 23 July 1991, 13 July 1992, 11 May 2006,5 July 2006 and 13 May 2009.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity RADIO ACADEMY (THE) Charity registration number 293825 Company registration number 01978864
1 of 13
RADIO ACADEMY (THE) Report of the Trustees Continued For the year ended 31 December 2020
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Independent examiners
Bankers
Solicitors
Kathryn Elizabeth Anastasi Jonathan Michael Henry Arendt Philipa Kate Aylott Harriet Bloom Dominic Peter Craven Chambers Anthony Gay Stephanie Nicola Hirst Grace Elizabeth Hopper William Reid Jackson Naomi Oiku Nicholas Mark Pitts Victoria Louise Stewart Helen Mariam Thomas Adele Patricia Yolande John Raymond Dash (: 14 December 2020) Samuel Bailey (: 05 March 2020) Ahmed Hussain (: 26 February 2020) Dennie Paul Morris Aradhna Tayal Stephen John Taylor Yvonne Veronica Thompson WIM Consulting Limited Office Suite 1 12b High View Parade Ilford Essex England IG4 5EP SG Hambros Bank Limited SG House 41 Tower Hill EC3N 4SG Barclays Bank PLC Soho Square Business Bank 27 Soho Square W1D 3QR Sheridans 76 Wardour Street London W1F 0UR
2 of 13
RADIO ACADEMY (THE) Report of the Trustees Continued For the year ended 31 December 2020
Approved by the Board of Trustees and signed on its behalf by
23 August 2021
Helen Mariam Thomas.............................................................................
3 of 13
RADIO ACADEMY (THE)
Independent Examiners Report to the Trustees
For the year ended 31 December 2020
I report to the trustees on my examination of the accounts of the Company for the year ended 31st December 2019.
Responsibilities and basis of report
As the charity Trustees, who are also directors for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiners statement
Since the charity's gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by virtue of my membership of ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Naveed Ikhlaq FCCA
WIM Consulting Limited Office Suite 1 12b High View Parade
Ilford Essex England IG4 5EP
23 August 2021
4 of 13
RADIO ACADEMY (THE)
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 December 2020
| Notes Income and endowments from: Donations and legacies 2 Total Expenditure on: Raising funds Charitable activities 3 Total Net income Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 262,144 |
Restricted funds £ 78,074 |
2020 £ 340,218 |
2019 £ 212,122 |
|---|---|---|---|---|
| 262,144 | 78,074 | 340,218 | 212,122 | |
| - (225,983) |
- (75,284) |
- (301,267) |
(780) (173,360) |
|
| (225,983) | (75,284) | (301,267) | (174,140) | |
| 36,161 (17,346) |
2,790 14,669 |
38,951 (2,677) |
37,982 (40,659) |
|
| 18,815 | 17,459 | 36,274 | (2,677) |
5 of 13
01978864
Registered Number :
RADIO ACADEMY (THE)
Statement of Financial Position
As at 31 December 2020
| Notes Fixed assets Tangible assets 7 Current assets 8 Debtors Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Net assets The funds of the charity Restricted income funds 10 Unrestricted income funds 10 Total funds |
£ 2020 250 |
£ 2019 1,002 |
|---|---|---|
| 250 | 1,002 | |
| 124,044 34,124 |
81,762 20,328 |
|
| 158,168 | 102,090 | |
| (122,144) 36,024 |
(105,769) (3,679) |
|
| 36,274 | (2,677) | |
| 36,274 | (2,677) | |
| 17,459 18,815 |
14,669 (17,346) |
|
| 36,274 | (2,677) |
For the year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Helen Mariam Thomas Trustee
23 August 2021
6 of 13
For the year ended 31 December 2020
RADIO ACADEMY (THE) Notes to the Financial Statements
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.
RADIO ACADEMY (THE) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Funds
Unrestricted finds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purpose within the objects of the charity. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Incoming resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 20% Straight line
2. Income from donations and legacies
| Unrestricted | Restricted funds | 2020 | 2019 | |
|---|---|---|---|---|
| funds | ||||
| £ | £ | £ | £ | |
| Donations received | - | 78,074 | 78,074 | 3 |
| Subscriptions received | 117,055 | - | 117,055 | 137,282 |
| Sponsorships received | 87,647 | - | 87,647 | 31,080 |
| Ticket sales and entry fees | 57,442 | - | 57,442 | 43,757 |
| 262,144 | 78,074 | 340,218 | 212,122 |
7 of 13
RADIO ACADEMY (THE)
Notes to the Financial Statements Continued
For the year ended 31 December 2020
3. Costs of charitable activities by fund type
| Direct cost Tavel and subsistence Legal and professional Advertising and promotion Depreciation Storage costs Grant funded cost Support costs Activity 1 Accountancy and legal fees Consultancy fees Subscriptions Bank charges Postage and stationery Telephone and internet Bad debt Insurance Computer expenses Website hosting and maintenance Entertainment Governance costs Independent Examiner's Fees |
Unrestricted funds £ 182,994 1,354 3,000 - 753 938 111 |
Restricted funds £ 75,284 - - - - - - |
2020 £ 258,278 1,354 3,000 - 753 938 111 |
2019 £ 83,439 5,206 45,080 5,465 753 983 - |
|---|---|---|---|---|
| 189,150 11,300 9,228 2,019 1,970 27 190 - 1,157 505 9,787 - 650 |
75,284 - - - - - - - - - - - - |
264,434 11,300 9,228 2,019 1,970 27 190 - 1,157 505 9,787 - 650 |
140,926 9,773 - - 4,030 56 319 14,683 1,103 1,639 - 181 650 |
|
| 36,833 | - | 36,833 | 32,434 | |
| 225,983 | 75,284 | 301,267 | 173,360 |
4. Net income/(expenditure) for the year
This is stated after charging/(crediting):
Accountancy fees Storage costs Depreciation Advertising and promotion
| 2020 | 2019 |
|---|---|
| £ | £ |
| 650 | 650 |
| 938 | 983 |
| 753 | 753 |
| - | 5,465 |
8 of 13
Notes to the Financial Statements Continued
For the year ended 31 December 2020
RADIO ACADEMY (THE)
5. Staff costs and emoluments
| 2020 | 2019 | |
|---|---|---|
| Trustees | 0 | 0 |
| 0 | 0 |
6. Comparative for the Statement of Financial Activities
The comparative year values on the Statement of Financial Activities are for unrestricted funds.
7. Tangible fixed assets
| Cost or valuation At 01 January 2020 At 31 December 2020 Depreciation At 01 January 2020 Charge for year At 31 December 2020 Net book values At 31 December 2020 At 31 December 2019 ebtors 2020 £ Amounts due within one year: Trade debtors 98,518 Prepayments and accrued income 24,466 Other debtors 1,060 124,044 |
Fixtures and Fittings £ 3,763 |
|---|---|
| 3,763 | |
| 2,761 753 |
|
| 3,513 | |
| 250 | |
| 1,002 | |
| 2019 £ 7,885 73,877 - |
|
| 81,762 |
8. Debtors
9 of 13
RADIO ACADEMY (THE)
Notes to the Financial Statements Continued
For the year ended 31 December 2020
9. Creditors: amounts falling due within one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 6,490 | 78,581 |
| Other creditors | 25,917 | 2,418 |
| Accruals and deferred income | 89,737 | 24,770 |
| 122,144 | 105,769 |
10. Movement in funds
| Unrestricted Funds General General Unrestricted Funds - Previous year General General Purpose of unrestricted Funds General |
Balance at 01/01/2020 Incoming resources Outgoing resources Balance at 31/12/2020 £ £ £ £ (17,346) 262,144 (225,983) 18,815 (17,346) 262,144 (225,983) 18,815 Balance at 01/01/2019 Incoming resources Outgoing resources Balance at 31/12/2019 £ £ £ £ (55,328) 212,122 (174,140) (17,346) (55,328) 212,122 (174,140) (17,346) |
|---|---|
To maximise the potential of the talents.
| Restricted Funds Benevolent Fund |
Balance at 01/01/2020 Incoming resources Outgoing resources Balance at 31/12/2020 £ £ £ £ 17,459 14,669 78,074 (75,284) 14,669 78,074 (75,284) 17,459 |
|---|---|
10 of 13
RADIO ACADEMY (THE)
Notes to the Financial Statements Continued
For the year ended 31 December 2020
Restricted Funds - Previous year
| Benevolent Fund | Balance at 01/01/2019 Incoming resources Outgoing resources Balance at 31/12/2019 £ £ £ £ 14,669 14,669 - - 14,669 - - 14,669 |
|---|---|
Purpose of restricted funds
Benevolent Fund
This fund is reserved to assist and relieve the hardship and suffering of individuals in the radio/audio industry who find themselves in necessitous circumstances.
11. Analysis of net assets between funds
| Unrestricted funds General General Restricted funds Benevolent Fund Previous year Unrestricted funds General General Restricted funds Benevolent Fund |
Tangible fixed assets Net current assets / (liabilities) Net Assets £ £ £ 250 18,154 18,404 - 17,870 17,870 |
|---|---|
| 250 36,024 36,274 |
|
| Tangible fixed assets Net current assets / (liabilities) Net Assets £ £ £ 1,002 (17,897) (16,895) - 14,218 14,218 |
|
| 1,002 (3,679) (2,677) |
11 of 13
RADIO ACADEMY (THE)
Detailed Statement of Financial Activities
For the year ended 31 December 2020
| INCOME AND ENDOWMENT Donations and legacies Donations Subscriptions Sponsorships Ticket sales and entry fees Total incoming resources EXPENDITURE Raising donations and legacies Seeking donations, grants and legacies Charitable activities Event costs Sundry expenses SUPPORT COSTS Accountancy and legal fees Accountancy and legal fees Bank charges Bank charges Postage and stationery Postage and stationery Telephone and internet Telephone and internet Bad debt Bad debt Insurance Insurance Computer expenses Computer expenses Entertainment Entertainment |
£ 2020 78,074 117,055 87,647 57,442 340,218 |
£ 2019 3 137,282 31,080 43,757 |
|---|---|---|
| 212,122 | ||
| 340,218 - - (264,323) (111) (264,434) (22,547) (22,547) (1,970) (1,970) (27) (27) (190) (190) - - (1,157) (1,157) (10,292) (10,292) - - |
212,122 (780) |
|
| (780) (140,926) - |
||
| (140,926) (9,773) |
||
| (9,773) (4,030) |
||
| (4,030) (56) |
||
| (56) (319) |
||
| (319) (14,683) |
||
| (14,683) (1,103) |
||
| (1,103) (1,639) |
||
| (1,639) (181) |
||
| (181) |
12 of 13
This page does not form part of the statutory financial statements
Detailed Statement of Financial Activities Continued
RADIO ACADEMY (THE)
For the year ended 31 December 2020
Governance costs Governance costs Total resources expended Net Income
| (650) (650) |
(650) (650) |
|---|---|
| (301,267) | (174,140) |
| 38,951 | 37,982 |
13 of 13 This page does not form part of the statutory financial statements